Workmen's Compensation Insurance
A Cover For Coverage Of Compensation To Employees For Bodily Injury Or Death Caused Due To Accidents/Occupational Diseases Arising Out Of And In Course Of Employment
Benefits of Workmen's Compensation Insurance
- The Workmen's Compensation Insurance Policy provides for legal liability coverage for compensation to your employees for bodily injury or death caused due to accidents / occupational diseases arising out of and in course of employment.
This product is addressed to:
- All manufacturing units with employees who fall under the purview of the Workmen's Compensation Insurance Act, 1923 have Employers' Liability exposures under the Act.
- All business organisations have Employers' Liability exposures under Common Law and such organisations form the target market for this class of business.
How to Lower Your Workmen's Compensation insurance Premium?
- Reduce your liability by agreeing to share the burden of repairing. It will help in reducing your premium.
- There are many such things in our house which are precious to us but there is no point in insuring them if they are too old. For instance, your 10 years old black & white TV might be working well, but there is no point in insuring it at a depreciated value. Be wary while making an inventory of products to be insured.
- Take two or more insurance covers to become eligible to get discounts.
- Like any other insurance plans, if insurers are convinced that you have installed all safety equipments at your home then you will become eligible to get discounted premium. If you have security guards posted 24x7 in the building and fire safety alarms installed at home, then you will get discounts in premium.
Who Should Buy a Workmen's Compensation Insurance?
Workmen's Compensation insurance is meant for anyone who has a home whether own or rented. There is myth that only home-owners should buy a Workmen's Compensation insurance plan. Let us tell you case of Mr Vijay Rao and how having a Workmen's Compensation insurance policy saved him during a crisis.
Two months after Mr Rao moved to a rented apartment in Mumbai, a catastrophic fire engulfed furniture and other appliances worth Rs 8 lakh. Thankfully, he had a Workmen's Compensation insurance policy and he could manage to settle back to normal life again easily and without any financial stress.
It’s a misconception that only house owners should buy a Workmen's Compensation insurance. Although, house may belong to a landlord but it has contents which belong to you. Irrespective of the fact that whether you are a tenant or owner, buying Workmen's Compensation insurance should be your top priority.
Even, there are various insurance companies which provide exciting discounts to people who have bought over 3 Workmen's Compensation insurance covers. However, don’t let discounts make you buying those covers also which you don’t need. For instance, if you are a landlord then avoid buying a policy to cover contents of the house. Leave that to the tenant. Companies also offer discounts if you buy it for a long duration. You can insure the house for up to 10 years, which not only gives peace of mind but you also get a chance to earn lucrative discounts.