If you run a business and employ workers, there are multiple legal and moral obligations you must meet. One of them is offering coverage in case of workplace injuries or occupational diseases. This is where a workmen compensation policy comes in. It provides financial protection to employers if a worker suffers injury or death due to work-related accidents.
This type of insurance is required under the Workmen Compensation Act, 1923. It ensures that employees or their families receive due compensation without delays or disputes.
Why go online for workmen compensation insurance?
Here is why securing the policy online is helpful:
- Faster process: No need to visit insurance offices or agents.
- Easy comparison: You can check multiple options and make a better-informed decision.
- Convenience: Buy or renew policies from anywhere at any time.
- Digital record: Instant policy issuance and storage in your inbox.
Step-by-step guide to secure workmen compensation policy online
Here is how to buy the policy online:
1. Assess your insurance needs
Start by identifying the number of workers you employ and the nature of their work. High-risk jobs, such as construction or manufacturing, may require higher coverage. Keep these factors in mind:
- Total number of employees
- Risk level of job roles
- Past accident history, if any
2. Understand policy coverage
A workmen compensation policy typically covers:
- Accidental injuries at work
- Death due to workplace accidents
- Occupational diseases
- Permanent or temporary disablement
What’s not covered:
- Injuries caused under the influence of alcohol or drugs
- Non-work-related accidents
- Intentional self-injury
3. Choose a reliable insurer
When choosing an insurer online:
- Look whether it is recognised
- Read customer reviews and claim settlement ratios
- Avoid unknown websites or brokers without credentials
4. Visit the insurer’s official website
Once you’ve shortlisted a provider:
- Go to their website
- Select ‘Workmen Compensation Insurance’ or a similar category
- Click on ‘Buy Now’ or ‘Get Quote’
5.Fill in employee details
You’ll need to enter:
- Number of employees
- Job roles or nature of employment
- Annual wages or salaries
- Location of business
6. Customise your policy
Some insurers allow you to add optional covers such as:
- Medical expenses
- Contractor’s employees
- Cover for casual or temporary workers
Adjust the sum insured based on your specific requirements.
7. Review and compare premiums
At this point, the platform will display the premium amount. Take a moment to:
- Compare quotes if the website allows
- Understand the breakdown of charges
- Look for any hidden fees or extra charges
8. Submit documents
Usually, you will need to upload scanned copies of:
- Employee records
- Proof of business registration
- Previous insurance details (if renewing)
9. Make payment online
Use net banking, credit card, UPI or any other secure payment mode available on the insurer’s website. Once payment is made, you should receive an e-policy immediately.
10. Save and store your policy
Download the policy PDF and save it in multiple locations. Print a copy for your records and inform your workers about the cover.
Key points to remember before you buy
- Always read the terms and conditions carefully.
- Keep emergency numbers and claim contact handy.
- Renewal reminders should be set so that the policy doesn’t lapse.
How insurance helps employees
The employee insurance component in a workmen compensation policy ensures your workers receive compensation without having to fight long legal battles.
For example:
- If a worker suffers an injury, the insurer pays compensation as per the policy terms.
- If a fatal accident happens, the worker’s family is compensated fairly.
It is both a legal requirement and a good business practice that builds trust with your workforce.
Conclusion
If you are an employer in India, securing a workmen compensation policy isn’t just a legal requirement. It is a smart way to safeguard your employees and your business. Buying it online saves time, money and unnecessary effort.
