Every job has its share of challenges. However, there are certain jobs that also have the risk of facing occupational hazards. Such hazards may range from minor accidents to more fatal occurrences. It is the responsibility of the employer to ensure that the workmen or employees are secured against such risks. That is the reason why employers need to offer workmen compensation policy to their workmen to assure them of their security in case something untoward happens.
To help you understand what workmen compensation policy is and how you can buy the right one, we have discussed more about it in length. Take a look –
What is Workmen Compensation Policy?
Workmen’s Compensation Act provides compensation to workers as well as their dependents for an accident or injury occurring because of and during employment. Such an occurrence may result in disability or death. Such a policy supports an employer by covering the legal liability that may arise at the job place.
Under the Act, such workmen compensation policy provides coverage for the following:
- Temporary Disablement
- Permanent Partial Disablement
- Permanent Total Disablement
- Legal costs, if incurred
The Act applies to all people who are employed as per the Schedule II of the Act, and railway employees. Schedule II includes individuals who work in factories, mines, construction sites, and other such hazardous occupations.
As an organization, you may take the best steps to keep your workers safe. However, it is still important to secure them with such a workmen compensation policy. It ensures that just in case, some unforeseen incident occurs, they and their family are not affected financially. Also, the policy coverage prevents the burden from falling on your company’s finances.
How to Choose the Right Policy?
Check the Coverage
Different occupations have different levels of risk involved. Also, there are other factors such as the number of employees, the number of wages paid, which differ from company to company. When buying a workmen compensation policy, make sure to pay heed to all such factors before choosing the coverage.
Check the policy being offered and analyze if the amount of coverage will provide adequate financial support to your workers or not. Accordingly, choose the coverage sum.
Buy from a Broker
As an employer, you may not have much understanding of how to purchase the right policy for your workers. It is here the role of an insurance broker gains importance. The brokers have specialized knowledge of how different policies work and can support you in making the right decision in a simplified way.
Services, as provided by reliable insurance brokers can take the significant worry off your mind as they provide you with strong claim support and quick turnaround time. They also offer value-added services. Such services include policy analysis, giving you diagnostic reports and conducting wellness programs.
Check the Clauses
Insurance policies can be complicated, and if you don’t evaluate the different clauses properly, you may be at a loss later. When purchasing workmen compensation for your workers, go through the various specifications and terms well. The support of insurance brokers will make this all-important step simple and ensure that you buy the most appropriate policy for your workers and company, both.
Workmen Compensation Policy: Best Way to Secure Workforce
You must keep your workers secure against any unforeseen happening that may result as a part of their occupation. One of the best ways is to provide them workmen compensation policy, as that will assure them that their family will remain financially secure even if they meet with an unfortunate occurrence.
Buy workmen compensation policy from a reliable insurance broker and secure your precious workforce.