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Is your business ready to bear the cost of the accident for your workers?

 
  By : , Delhi, India       8.12.2016         Phone:-          Mail Now
 

If you run a successful business, you will be unable to deny the fact that it is employees or workers who must be credited for their hard and sincere work to raise the company to such heights.

But, have you ever thought what would happen if one of your hardest working employee encounters death or injury while he is at work? This is a common case in manufacturing businesses. Or take, for example, an efficient worker falls ill or becomes partially or completely disabled due to any accident during employment in the office premises.



You might claim that all safety measures have been taken in your business premises to prevent the same, but there is no guarantee that a mishap won't take place. In such cases, you need to be ready to bear the cost of your employee’s compensation. This is where a Workmen Compensation Insurance Policy comes into the picture!

This policy allows employers to bear the liability of workmen's compensation arising due to death, disability or occupational diseases suffered during employment under the Workmen Compensation Act,1923. It offers legal liability coverage for compensation to employees for injury or death caused due to accidents/occupational ailments arising out of and in the course of employment. 

Following are a few checkpoints for you to understand the essential benefits of the workmen's compensation insurance policy and the need to avail this important cover to secure your business:

1. Covers for Personal Injury to employees:

Imagine that there is some defect in the manufacturing machine and a worker sustains some major injuries while working. Will you not have any liability to pay up his hospitalisation charges and other medical expenses in such a case?
Of course, you will be held liable because it would not have happened if the machine worked fine. 
Workmen's compensation cover allows you to pay for liabilities arising out of any personal injury to the employee while on duty.

2. Covers for death or disability:

Partial or complete disability or death can be quite unfortunate not only for the employee and his family but also for your business. 
You can never be completely sure if all the equipment in your office are safe and sound. Moreover, you do not have control on such unfortunate incidents that may also affect your reputation in the market.
It is better to apply for the insurance policy and compensate for death or disability caused by an employee during the employment.

3. Covers for occupational diseases:

Diseases like asthma, bronchitis, etc. are certainly on the rise and what if a worker claims that it is due to the workplace that he starts suffering from occupational diseases?
You just cannot put off the liability on your part by saying that it is part of the work. In such cases, you can use the workman's compensation cover to save your business against legal liability that may arise if the worker sues the employer. 

4. Inclusion of special covers:

You can also opt for special add-on covers which are also available for certain insurance policies. For e.g. you can include liability towards sub-contractors who may or may not be in direct contact with you in the coverage that you avail.
Some policies also cover injury or disability of employees during working hours due to terrorist attacks.

5. Comprehensive inclusion of all employees:

Each employee will be covered from the start date whenever the policy comes into effect. The claims under the fatal disability act, 1855 are also covered along with the workmen compensation act, 1923.
You are at constant risk of being sued because of any reason. A workmen's compensation insurance policy covers all legal costs, and if possible, the settlement can also be done out of court.
While you put efforts in taking your business to a new height, it is essential to buy a workmen’s compensation policy to keep your business afloat during unforeseen circumstances.







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