Workmen Compensation

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 law regulations require companies to compensate 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 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 selecting criteria through which they can be judged. Let’s check the appropriate criteria for you to select the right worker compensation insurer:

  1. The coverage offered

Check the coverage offered by the company. The coverage should include compensation 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.

  1. The 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?

  1. The claim practice

The third important criterion is the claim practice 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.

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

  1. The deals offered

Insurers offer attractive premium discounts and deals to promote their policies. Look out for these deals as you can get the benefit of a premium discount. Also, check the value-added assistance provided by insurers so that buying a suitable policy becomes easy.

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 that is tied-up 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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