Irrespective of the industry, running a business isn’t only about hiring the best talent for achieving consistent growth. It is crucial to ensure that the business minimizes the risk of workplace accidents as well. Whether you run an agency or a construction firm in India, it is nearly impossible to predict a mishap. As per this data source, workplace accidents resulted in 121 deaths in FY 2018, apart from injuries. However, as a business, you can be prepared to manage such risks with a workmen’s insurance policy. It covers several liabilities that may arise because of unfortunate workplace accidents.
Workmen’s insurance acts as a bridge to transfer the responsibilities related to a workplace accident to an insurer. It can benefit your employees in several ways.
- Medical Coverage
For injuries that occur because of the nature of work, or during work hours, your employees can ask for workmen’s insurance claim to obtain the required medical treatment. You need not worry about these expenses as the insurance policy will take care of these. The chosen insurer will pay for the related costs, including doctor’s consultation fees, medication or rehabilitation therapy.
In case of severe injury or critical illness, the affected employee needs regular healthcare treatment, which is also covered under the workmen’s insurance policy as per its general terms and inclusions.
Make sure you check the policy guidelines and documents, irrespective of which insurance company you choose.
- Disability
In some cases, workplace injuries can result in complete disability. Take the case of an accident that happened at a construction site where a worker fell from a height. It resulted in a broken leg because of which he wasn’t be able to stand on his own again.
A situation like this may motivate the victim’s family members to file a lawsuit against your firm. Having a workmen’s insurance policy works like a safe refuge that you can count on. Most of these policies cover work-related disabilities under the following categories:
- Temporary Total Disability
It means the victim of a workplace accident won’t be able to work, though for some time only. Post his or her health recovery, the worker will be able to return to work to fulfill the workplace responsibilities.
- Temporary Partial Disability
It means the injured employee does not need time off to recover but can work at a lower capacity than usual. One example of it is when an employee trips within the workplace premises and gets a cramp in one of his feet. He needs some time to recover and can continue to work afterwards.
- Permanent Total Disability
It means the impact of disability is so severe that the injured individual won’t be able to resume his role at work ever again.
- Permanent Partial Disability
It refers to injury because of which an employee can return to work but not at the same capacity as before the injury. Workmen’s insurance can help your employees to recover a part of their lost income during the recovery phase. These terms vary from one policy to the other. So make sure you check these while buying a policy for yourself.
- Rehabilitation
At times injured employees find it hard to utilize their current skills to continue working in the same capacity. For instance, a computer operator can’t continue working on computers if his eyes are severely affected because of a workplace injury.
Workmen’s insurance also plays a significant role in providing vocational rehabilitation. It helps an injured individual in learning new skills so that they can start working in a different position. As per the policy terms, it also covers the cost of training and certifications.
As detailed above, a workmen’s insurance policy comes with dual benefits for both you and your employees. It lets the insurer deal with the liabilities resulting from workplace accidents. While buying the policy, it is essential that you are aware of basic policy terms to avoid possible hassles later in time. Connect with an insurance broking firm, like SecureNow, to get insurance policies tailored to suit your business needs.
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