Ensuring employee safety at the workplace is the employer’s responsibility. Providing them with top-notch safety can be done through investment in a good
workers' compensation policy.
However, the task of choosing the right policy is a daunting one, given the myriad of options that are afloat in the market. So here is a quick guide to choosing the best workmen’s compensation for your workforce.
Factors to Consider When Buying Workmen’s Compensation Policy
The right worker’s compensation plan assists in shielding employees from potential risks that may arise at the workplace. Hence, when looking for a
labour insurance policy, it is crucial to assess some essential factors, which can help you pick the best plan.
Legal Regulations and Requirements
Begin by finding out the regulations that are applicable to your industry and organisation so you can purchase a plan that meets the regulatory compliances. Since the legal requirements are different across industries, you must understand them to avoid any legal hassles. For example, companies in mining, construction, factories, etc., are mandated to have WC insurance in India.
Workplace Risk
You must also consider the risk involved at the workplace. A chemical plant has a higher risk as compared to a garment factory. After considering the risk factors and risk level, opt for a plan that provides efficient coverage and assistance to the employees.
Coverage of the Plan
Assess the coverage that the workmen’s policy has to offer. Since workers are exposed to a variety of risks at the workplace, the coverage must cover the injuries and diseases they are exposed to. It must cover several aspects, such as medical expenses, income replacement, death benefits, rehabilitation cover, and so on.
Policy Premium
While premium is not the sole factor to consider when buying a workers' compensation plan, it definitely needs a thorough review. You must keep in mind your budget and assess the premium against the coverage that comes with the plan. It is crucial that you strike the right balance between the coverage and the premium to ensure you make a worthwhile purchase.
Inclusions and Exclusions
All plans have pre-defined inclusions and exclusions that you must take into account beforehand. Find out the inclusions so you know the benefits that the employees are entitled to in case of a workplace mishap. Similarly, you should take into consideration the exclusions, as the employees will not receive any compensation if any of the excluded events occur.
Legal Coverage
This coverage is a very important feature of the worker's compensation plan. So, before you select a plan, check if it includes liability coverage for the employer. It assists the employer with the legal fees and charges that may be associated with a lawsuit being filed against him. In the absence of this coverage, you will have to spend large sums from your pocket.
Insurer Reputation
Be sure of the insurer’s reputation and if you have any reservations, it is best to seek help from the online community. You can read through genuine customer reviews and feedback and find out if the insurer is credible.
Claim Process and Support
Dealing with workplace accidents involves a lot of stress. You would not want to cause more stress by way of a complex claim process and poor customer assistance. Hence, it is recommended to opt for an insurer with a straightforward claim process and 24/7 customer assistance so you can get the desired help and support while filing a claim.
Benefits of Workers' Compensation Insurance
Workers’ compensation insurance benefits the employer and the employee in the following ways.
For Employers
- Enables employers to meet the regulatory requirements
- Employers do not have to recruit and train new employees frequently as the existing workforce continues working.
- Saves the employer from legal hassles.
- Enhances company reputation.
For Employees
- Fosters a feeling of safety and security among the employees.
- Enhances the productivity of the employees.
- Provides financial support to the employees by way of compensation.
- Assist the employee's family in case of his unfortunate death due to a workplace accident.
TATA AIG Assurance for Workers Safety
Workplace accidents can take place despite the best safety measures in place. In the absence of a workmen’s compensation policy, the employee will suffer great loss and the employer will have to spend a considerable amount towards the employee's treatment.
To combat such scenarios, it is important that employers invest in efficient workmen’s compensation insurance, such as the one offered by TATA AIG.
Their plans offer extensive coverage at affordable prices to keep the employees safe at their workplace. Besides, they offer customised plans based on unique business requirements, ensuring workers' safety under all situations.
