As an employer, it’s your moral responsibility to ensure the safety of your workforce. However, despite the best measures taken, accidents do happen. In order to promote healthy and safe workplace environment, it is required to have Workmen’s compensation policy.
This insurance policy will cover the compensation as prescribed under Employees compensation Act, 1923, medical expenses incurred for treating an injured employee (If additionally covered). That’s not all. There are several other benefits of workmen’s compensation.
Peace of Mind for Employers
This is perhaps one of the biggest benefits of workmen compensation insurance. It gives you peace of mind as you know that you have a financial backup in case your employee suffers a work-related injury and is hospitalized.
Coverage of Medical Expenses
Keeping medical inflation in mind, it can be crippling for a business to bear the medical cost of treating an injured employee. Having a Workmen’s compensation policy will make this hassle free and cover the medical expenses for the injured employee.
Coverage for Occupational Diseases
If your work environment is such that workers are constantly exposed to harmful chemicals and gases, then there are high chances of developing occupational diseases. Workers can easily raise a claim for such illnesses citing them as occupational ones.
In such a scenario, a workmen compensation policy comes handy as it provides for the medical expenses for treating these ailments. At the same time, it will establish you as a thoughtful entrepreneur and help attract and retain talent.
The Final Word
As evident, workmen compensation insurance provides a range of benefits for your business, and hence it’s essential to buy it at the earliest. You can buy a ICICI Lombard Workmen Compensation Policy online or offline by filling up the proposal form and submitting the required documents.