Workmen Compensation

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Who is the right insurer for a workmen compensation policy?

An organization that employs individuals is expected to adhere to the Workmen’s Compensation Act, 1923, Factories Act, 1948 and the rules laid down in Common law. These Acts and laws require companies to pay compensation to their employees and workers if they suffer physical injuries or death during the course of their employment. Since such injuries or deaths are uncertain, organizations face financial uncertainty. A workmen’s compensation policy helps companies cover these financial uncertainties. The policy covers the financial and legal liabilities suffered by organizations and gives them financial relief.

A workmen’s compensation policy is quite relevant to an organization’s financial well-being and so, it is offered by almost every general insurer in India. Organizations, therefore, have a choice of multiple workmen compensation insurance companies to choose from. In such a case, choosing the right insurer requires careful consideration of all factors on which they can be judged.

Below are the appropriate criteria for you to select the right worker compensation insurer:

Coverage offered

Check the coverage offered by the company. The coverage should include the basic covers for injury, disability as well as the death of the employee. Moreover, there should be room for policy extensions through which you can enhance and customize the coverage of your workmen compensation policy.

Premium charged

After checking the coverage, compare workmen compensation insurance companies on their premium rates. Always check the premium against the coverage, not independently. An insurer that charges the most reasonable premium without compromising on the coverage benefits would be the right worker compensation insurer.

Additional Read:How expensive is workmen compensation policy?

Claims experience and practices

The third important criterion is the claims experience of workmen compensation insurance companies. The insurer should have the financial stability to pay out large amounts of claims in case of a crisis. Moreover, the claim process should be smooth and the claim turnaround time should be low so that your claims get settled at the earliest. This information is not publicly available so do ask your intermediary to get it for you.

Additional Read:How to file a claim under Workmen Compensation Insurance?

Quality of documentation

Many companies buy workman compensation insurances because of a contractual requirement with a partner. In such cases the insurer’s documentation is important. For example, the contract may require the business partner to be an additional insured in the policy contract. This means the insurer must have both the company and partner name included. You can see a sample policy contract of the insurer to get a sense for how meticulously they record information.

If you keep these points in mind, you can find the best worker compensation insurer to buy the policy.

How SecureNow can help

If you want to find the right insurer, you need to compare the available workmen compensation insurance companies on the above-mentioned criteria. SecureNow helps you do just that. SecureNow is an online platform, connected with leading general insurance companies.

You can enter in your coverage requirements online and you will get quotes of different workmen compensation policies offered by different insurers. You can compare the available choices and then pick the right insurer that fulfils all the above-mentioned criteria. Thus, with SecureNow’s help, you can find the right insurer and, that too, in the most convenient way.

Who is the right insurer for a workmen compensation policy?

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