Need for Workmen Compensation Insurance

Workmen's compensation insurance stands as a vital shield for contractors, providing a safety net against potential workplace accidents. Understanding its significance is crucial for contractors seeking to ensure the well-being of their workforce while safeguarding their own business interests.

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For Instance

For businesses dealing in the construction industry, this insurance type is highly essential. If an unfortunate event occurs at a construction site, wherein one of your workers is injured, as an employer, you might be responsible for paying for his loss. If an organization doesn’t have worker’s compensation insurance, the worker in this case may sue the employer and claim compensation. This may hit the business hard, both financially and reputation-wise.

Need for Workmen Compensation Insurance

Whether you’re a well-established business or a start-up, it’s crucial to understand why is workmen compensation insurance needed. In a nutshell, without it, you might have an out-of-pocket expense as the employee’s work-related injuries and illnesses are not covered under regular group health insurance. Let us look at some of the needs for workmen compensation insurance.

  • This insurance helps protect your employees in case of workplace-related injury or illness
  • A typical employee compensation insurance covers temporary disability, permanent partial disability, permanent total disability, and death
  • It helps protect businesses by reducing the risk of financial loss in case of employee injury
  • This insurance can help limit your business’s exposure to lawsuits. Since you cover your employees in terms of work-related illnesses or injury, chances are dim that the workers would file a lawsuit for non-receipt of such benefit
  • In an unfortunate event of an employee’s death due to a work-related accident, this insurance provides death benefits to their beneficiaries
  • Worker’s compensation insurance is a mandatory requirement for some businesses under the Workmen's Compensation Insurance Act of 1923.

The Right Workmen Compensation Insurance as per Need

Choosing the right insurance plan can be a challenging task. With multiple aspects to consider, it is important to choose workmen compensation insurance as per the need of the business. Here are some points to consider before you make the buying decision.

  • Go for a policy that provides optimum coverage for workers
  • Choose the option covers if needed
  • Adequate sum insured is the key
  • Read and understand all the terms and conditions
  • Weight the pros and cons among the various policies
  • Opt for policies that offer easy claim settlement, digitalization and 24/7 support


Worker’s compensation insurance is an employee benefit that cannot be ignored. The well-being of the employees and workers is the responsibility of the employer, and this insurance can safeguard the organization from liability arising from workplace injury and illness. It is thus recommended to buy workmen compensation insurance depending on the need of the business.

Written By: PolicyBazaar - Updated: 11 August 2023
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Policybazaar for Business - Workmen Compensation Insurance - Customer Reviews
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Based on 92 reviews
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4.3 June 28, 2023
Positive Experience
Thank you, PolicyBazaar, for providing such a positive experience and ensuring that well-being of my employees and business!
4 June 18, 2023
Provides Financial Security
I purchased Workmen Compensation Insurance from PolicyBazaar for my business owner looking to secure their employees' welfare and protect their business interests.Thankyou. Worth buying.
3.8 June 08, 2023
Nice Purchase
I purchased Workmen compensation plan which turn out to be the good decision. Thanks PB.
4.3 May 26, 2023
Multiple Benefits
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4 May 21, 2023
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Helpful Representatives
The team at PolicyBazaar were responsive, courteous, and extremely knowledgeable. I had a few questions regarding the coverage terms and the representatives were patient in addressing all my queries. Thanks.
4 May 11, 2023
Good Platformm
When it came to selcting the right Workmen Compensation Insurance, Policybazaar offered an impressive range of options from reputable insurers. I appreciated the comprehensive details avalable for each policy which helped me to take the better decisions. Thankyou.
3.8 May 06, 2023
Well Informed
I recently purchased Workmen Insurance plan from PolicyBazaar. The process was straightforward and I felt well-informed throughout, thanks to the clear and concise information provided.
4.3 May 01, 2023
Good Decision
I am absolutely delighted with the Workmen Compensation Insurance policy I purchased through Policybazaar. From start to finish, the entire experience has been nothing short of exceptional. I can confidently say that this is one of the best decisions I have made for my business.
3.8 April 30, 2023
Instant Protection Against Accidental Misshappening
I bought Workmen Compensation Plan from the Policy bazaar website online for our workers in my industry to get protetion aganst any Accidental miss happening caused to them. It offers amazing deals which provide them with medical coverage and help me to get instant protection against any loss. Thanks, PolicyBazaar.