Newly appointed employees often require hands-on training, including physically challenging tasks, so that they can perform their duties efficiently. However, it also increases the chances of accidents and injuries to the worker, as they are new to the job.
In such a scenario, the workmen’s compensation policy (WC policy) acts as a shield that protects the employees while they learn their duties. Besides, it also benefits the employers, enabling them to fulfil their legal obligation towards the staff.
Let us delve into the details of how the WC policy safeguards the employee and employer during training.
Workers’ Compensation Insurance and Employee Protection
The primary purpose of a labour insurance policy is to protect employees during workplace injuries and ensure they get the required assistance to recover. Here are ways in which it safeguards employees during training.
● Medical Expenses Cover– If an employee suffers any injury during training, workers’ compensation insurance provides coverage for medical expenses. Thus, the employee can avail of the required treatment for his injuries without stressing about the expenses.
● Wage Replacement– An injured worker may be unable to return to work, preventing him from earning his regular wages. In such a case, the WC policy provides coverage for lost wages, enabling the employee to take care of his expenses smoothly.
If an injured worker is unable to return to work for 6 months, the labour insurance policy provides him with proportionate wages as per the terms and conditions of the policy.
● Disability Cover– In extreme cases, workers may suffer from partial, total or permanent disability, which may reduce their capacity to work. Workers’ compensation policy compensates the worker adequately based on the type of disability.
For instance, if a trainee worker suffers injury while learning to handle heavy equipment, resulting in temporary disability, then the workers’ compensation insurance will provide him with disability compensation.
● Death Coverage– If the severity of the accident or injury during the training leads to employee death, then the workmen’s compensation insurance compensates his dependents. The compensation includes the funeral expenses of the deceased employee and compensation for the family members.
How Businesses Benefit from Labour Insurance
● Legal Compliance – Every business entity is required to have workers’ compensation insurance. Thus, by investing in a workmen’s insurance plan, businesses can fulfil their legal obligation towards the workers and avoid legal consequences for non-compliance.
● Builds Employee Confidence – Workers’ compensation insurance protects employees at the workplace, making them feel secure and valued. It boosts their confidence in the company and encourages them to perform better.
● Enhanced Business Reputation – Businesses that prioritise workers’ safety are seen as reputable entities in the market, as they are seen as giving the employees their due importance and value.
● Improves Employee Retention – A company that prioritises employee safety is perceived as a great place to work. Workers at such business organisations do not leave their jobs, which results in employee retention and a reduction in hiring costs for the company.
Maximising Workmen’s Compensation Benefits
Here are some ways in which businesses can enhance the benefits of workers’ insurance.
1. Bracing the workplace with appropriate safety equipment and measures.
2. Conducting regular training sessions with the employees to educate them about emergency procedures, responses and injury prevention.
3. Encouraging a controlled, hands-on training practice to minimise the risk of injuries during training.
4. Providing the workers with all the necessary protective gear and equipment for safety.
5. Explaining the procedures for filing claims under labour insurance for expediting the compensation.
6. Educating employees on the benefits, rights and responsibilities under the workmen’s compensation insurance policy.
7. Making sure the workers understand how to report workplace injuries so that the claim is accepted and paid.
Safety for Employees and Business with TATA AIG Labour Insurance Plan
Workplace accidents can occur at any time, despite the best safety measures and precautions. However, businesses and employees can both be secured with the right workmen’s compensation insurance.
While employees receive medical coverage, wage replacement and disability compensation, businesses are saved from legal consequences and also enjoy a good reputation in the industry.
To get the best worker’s compensation insurance, you must turn to a reliable and reputable company such as TATA AIG. They boast plenty of experience in the insurance industry and offer some of the most comprehensive yet affordable workmen’s compensation insurance.
You can get insurance tailored to your business needs and safeguard your employees during workplace accidents. Their plans are among the best ones, offering coverage for medical expenses, lost wages, recovery and rehabilitation, legal protection and much more.
Your search for insurance to safeguard employees ends with TATA AIG- the most credible insurance company.
