Things To Consider While Buying Group Health Insurance Of Construction Company

In order to run a business smoothly, you have to be efficient and plan things out in advance. Since your employees are your most important asset, you need to make sure that they are not facing any kind of issues related to their daily workforce. Apart from this, the health of your employee plays a major role to keep the workforce intact. However, you cannot always make sure that they stay healthy but you can make sure that they get financial cover to manage the expenses coming up in the treatment and hospitalization with the help of group health insurance.

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Health and Wellness needs of your work family starting @ ₹57/employee*

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However, there are certain key factors that you need to consider before purchasing an insurance policy for your employees. Read on to learn about them.

Sum Insured Required For Construction Company?

While purchasing an insurance policy, the most important factor to check is the amount of sum insured that is being provided by the insurance company to each employee. Sum insured is the amount that is used by the insured to pay for the medical expenses incurred in treatment.

Since the expenses incurred in the medical expenses can bring a financial burden on the insured employee’s shoulders, it is important to make sure that that the employees are covered with enough sum insured amount so that he/she does not have to pay for the expenses out of pocket.

Here Is An Example

Let suppose Aman is an employee who manages the on-site work. One day while checking the work flow on site, he accidentally slips from the first floor of the building and fall down on the ground floor. However, the height was not more than 14 feet but he sustained some serious injury and broke his hand.

Now the group insurance provided by the company offers a sum insured amount of Rs. 5 lakh. Once he get admitted to the hospital and get and x-ray done, he finds out that a bone in his hand has been broken and requires operation that could cost around Rs. 3 lakh. After the operation, the bill comes out of Rs. 5.7 lakh that is more than the sum insured amount and he will have to pay for it out of pocket. This is why is recommended to the buyer to purchase a policy with enough sum insured amount so that the insured person does not have to bear any medical expense.

Once you have chosen the right policy with enough sum insured amount, it is necessary that you check if the policy covers the casualities you require.

Are Injuries Covered On Construction Sites?

Running a construction company can be tiring and stressful because when employees with an on-field job profile have to stay on-site. It is his/her job to make sure that the labours are working properly. However, accidents are unpredictable and they can cause either partial injuries that take some time trecover or permanent injuries that stays with the person life-long.

Be it partial or permanent, it is not just the person injured who has to suffer but also hamper the workforce. If you are purchasing a group health insurance policy then it is advised to check the inclusions of the plan and see if it covers the partial as well as permanent injury so that the employee does not have to worry about the expenses and get the best treatment possible.

Also, when a person meets an accident that caused an injury, he/she has to be taken to the nearby hospital and that is where the role of network hospital begins.

Hospital Network

It is important to check the network of hospital an insurance company has. It is because when an insured person require medical attention, he could reach a particular network hospital registered with the insurance company that should be near to your office or construction site.

Also, when the insured person goes to a network hospital, he/she gets a hassle-free experience and the hospital prioritize them as well. It is better to check the number of hospitals registered with the insurance company because the more hospitals are in their network, the better.

You can check it online as the insurers share these kinds of information on their respective websites and you can understand everything about the policy in detail.

Compare Plans Online For Your Convenience

We live in the digital era and everything is done online. It is better to utilize the internet and look for the insurance plans online before purchasing. With the help of insurance aggregator websites, you can compare different plans at one place and learn about all the policies in detail.

After the comparison, you can purchase the insurance policy that meets your requirements and comes in your budget. You can compare the premium rates, inclusions & exclusions, As you are purchasing the policy not for yourself but for your employees, the process of online purchase would be hassle-free and cost-effective.

Conclusion

While purchasing the group health insurance policy, it is necessary that you purchase the right plan that could provide enough sum insured amount as well as coverage to the employees. You can consider thes above mentioned factors while purchasing the right insurance plan for your employees. You can also calculate the premium amount of the plan of your choice using the online premium calculator.

Written By: PolicyBazaar - Updated: 27 August 2021

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