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 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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4 June 18, 2023
Provides Financial Security
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4 May 21, 2023
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4 May 11, 2023
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3.8 May 06, 2023
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4.3 May 01, 2023
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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.
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