Buying Workmen’s Compensation Insurance? 5 Things To Make a Note Of!
Employees are the most significant asset of any company, for it is their professional contributions that help channel the business owner’s vision into a successful reality! Discerning employers acknowledge this fact, therefore they always try to establish a good rapport with their workforce, keep them motivated, and fuel their productivity - in an effort to influence positive business outcomes. Similarly, ensuring the safety of employees at the workplace is also quite imperative. However, not all employers are aware of the serious financial risks they can face in case an employee suffers any injuries while working. But a commercial insurance policy like Workmen’s Compensation Insurance is just the right solution to take care of this concern!
How Are Employers Liable in Case of Workplace Accidents?
It is an employer’s prime responsibility to make sure that their company’s workers are working in a safe and secure environment, free from any health or life hazards. At the same time, accidents can occur unpredictably as well, no matter how many safety precautions are in place. 
If an employee gets injured in such an unfortunate event, the concerned employee or their family are entitled to demand compensation from the organisation. Moreover, according to the provisions of the Employees Compensation Act 1923, an employer bears the legal liability to duly pay a reasonable compensation to the employee’s family members!
What Makes Workmen’s Compensation Insurance a Necessity?
The financial liabilities arising from employee accidents at work can be rather hefty and burn a big hole in the employer’s pocket. An affordable and practical solution to address such a dilemmatic situation is getting a Workmen’s Compensation Insurance policy, more so because it deals with it in not one but two important ways:
Coverage for medical expenditures and compensation to be given to the employee.
Financial protection of the employer from lawsuits filed by the injured employee.
Besides, did you know that in India, it is a statutory requirement for companies (particularly manufacturing units) with over twenty employees to have this insurance? Employers who don’t comply with the rule can incur major penalties in the form of fines or even criminal charges. However, this policy is applicable to employees strictly during the course of their employment at the company, and unlike group health insurance - it only applies in case of accidental injuries suffered in the workplace premises and not for any other health or medical reasons.
Workmen’s compensation insurance is beneficial for both employees and employers. Now that you are convinced of the necessity of this insurance as an employer, the next step is knowing where to buy it from. To end your worries, Raghnall Insurance Brokers, the nation’s trusted corporate insurance agency, is here to present the finest workmen’s compensation policies from leading providers.
Things To Watch Out for Before Purchasing Workmen’s Compensation Policy
  1. Understand the laws pertaining to workmen’s compensation
Each state in India has distinct laws about workmen’s compensation, so it is crucial for you as an employer to know the laws of the state where your business is set up. This will give you appropriate information about the compensation you may have to pay your employees if they get injured while working, and also the kind of impairments or injuries that are considered while calculating medical compensation. You can easily get these details by surfing your state’s workmen compensation department’s website.
       2. Take an account of workplace hazards
Although work-related accidents are not always preventable, their chances can surely be minimised. Employers must take stock of all workplace hazards that may potentially harm their workforce and devise proper safety practices to curb these risks. For instance, you can provide protective gear and equipment to your workers, or conduct regular drills to keep them as safe as possible while working.
      3. Ask yourself some critical questions
The coverage you require will depend on the nature and scale of your business. Thus, it could be drastically different from what another company might need. You should ask yourself the following questions while assessing your coverage needs:
  • Do you want the policy to only take care of treatment expenses of the injured employee, or a larger cover?
  • Do you want protection from civil liabilities that can stem from common injury claims?
  • What should be the upper limit of the insurance coverage you require?
     4. Compare insurance plans from different providers
Trust us when we say that there’s no dearth of insurers in the market offering workmen’s compensation policies. While you have a wide range of choices, you must make your decision only after thorough research and comparison of different policies, coverage benefits, the credibility and reputation of insurers, etc.
     5. Hire an experienced insurance broking company
The above points, though extremely essential, can also be very confusing and complicated. Workmen’s compensation insurance policy includes several clauses and benefits that you may not comprehend easily. So if all of this is overwhelming for you, the best thing for you to do is get in touch with an experienced insurance broking company like Raghnall, and leave everything to our experts. 
At Raghnall, you can be rest assured to get sound advice regarding all your business risks and insurance coverage requirements. We offer a vast array of workmen’s compensation insurance policies from prominent insurers and fetch you nothing but the best one according to your needs.

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