The Right Price to Pay for Workmen's Compensation Policy

With multi-dimensions of work and services in manufacturing units, there is an increasing health hazard risk to employees, especially in certain industries. This has made Workers’ compensation insurance a necessity for many businesses. Additionally, this insurance type being a mandatory requirement for some industries, making a purchase decision for this policy has become extremely crucial. It has thus become essential to understand the right price to pay for the workmen's compensation policy.

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Benefits of Workmen Compensation Insurance Policy

Workmen Compensation Insurance provides financial support to employees and helps them recover from work-related injuries or illnesses. At the same time, it protects the business against financial losses.

Legal Liability Coverage
Vocational Rehabilitation Expenses
Occupational Illnesses and Conditions
Lost Wages Compensation
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Factors that determine the Price for Workmen Compensation Policy

Price is one of the major determinants before making a purchase decision. However, for this insurance policy, there are a few factors that determine the premium rates. The price for workmen's compensation policy varies from one industry to another based on the risk level. Similarly, other factors go into calculation for determining the price for workmen's compensation policy, these include:

Nature of business: Workplace hazards can occur in any sector. However, the level of risk in each sector or business varies. For example, businesses involved in physically demanding work may face a higher risk of workers or employees getting injured as compared to the one which deals with desk jobs. Hence, the premium rates may widely differ based on the business activity and industry.
Number of workers: There is a simple logic behind his determinant. The more the number of workers, the higher can be the number of claims.
Salary or wages of the workers: Since the compensation to be paid depends on the average salary of the injured worker, their average salary also helps in determining the price for the workmen's compensation policy.
Safety standards: Businesses are required to maintain specific safety standards for the well-being of their employees. Having adequate safety and precautions in place and following the same, lowers the chances of workplace accidents. Therefore, the extent to which the business follows the safety standards impacts the premium amounts.
Claims history: The rule of thumb is, if the business has a history of recurring claims for workmen compensation insurance, the premium amount is likely to be higher. The insurer considers the business with high-risk factors thus, a higher probability of claims in the future.

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Conclusion

An employer needs to statutorily compensate his employee in case of a workplace accident. The Workmen's Compensation Act of 192 came into force to promote better living and underline the employer's responsibilities. To fulfill this obligation, the employer must make an informed decision, which includes the price for the workmen's compensation policy and other features of the policy.

Workmen Compensation Companies

Bajaj Allianz

Digit Workers Compensation Insurance

ICICI

Royal Sundaram

Tata AIG

Disclaimer: Above mentioned insurers are arranged in alphabetical order. Policybazaar.com does not endorse, rate, or recommend any particular insurer or insurance product offered by an insurer.

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Policybazaar for Business - Workmen Compensation Insurance - Customer Reviews

View all 92 reviews

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4.2

out of 5

Based on 92 reviews

8 users

68 users

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4.3 June 28, 2023

Abha

Positive Experience

Thank you, PolicyBazaar, for providing such a positive experience and ensuring that well-being of my employees and business!

Lucknow

4 June 18, 2023

Shreaya

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.

Hyderabad

3.8 June 08, 2023

Raman

Nice Purchase

I purchased Workmen compensation plan which turn out to be the good decision. Thanks PB.

Pune

4.3 May 26, 2023

Mayur

Multiple Benefits

I recommend purchasing Workmen Compensation Insurance from Policybazaar. Their user-friendly platform, diverse policy options, exceptional customer support and efficient claims processing make them stand out from the competition.Thanks. It was a good decision.

Delhi

4 May 21, 2023

Shivam

Great Plan

I recently bought Workmen Compensation Plan at policybazaar website which provides comprehensive coverage giving me peace of mind knowing that my employees are well protected in case of any unfortunate event.Thanks.

Pune

3.8 May 16, 2023

Vishal

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.

Coimbatore

4 May 11, 2023

Aditya

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.

Chennai

3.8 May 06, 2023

Dhiraj

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.

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4.3 May 01, 2023

Abhiraj

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.

Mumbai

3.8 April 30, 2023

Anam

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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The Right Price to Pay for Workmen's Compensation Policy

Benefits of Workmen Compensation Insurance Policy

Factors that determine the Price for Workmen Compensation Policy

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