Workmen Compensation Insurance (which is also known as Workers' compensation insurance or Employees Compensation Insurance) is a type of insurance policy that is there to provide coverage for your business’s employees who are injured or become disabled as a result of their jobs.
Even if you take all kinds of preventive measures, workplace accidents can unfortunately occur, and having this insurance will provide your employees with compensation without leaving your business at a financial loss.
For example, if you own a construction business, and on a worksite, something falls from a higher level and onto one of your construction workers, causing them to break their leg. If you don’t have workmen compensation insurance, they can sue and claim compensation from you for their medical expenses. This can end up costing your business significantly.
Workmen compensation insurance is set out under the Workmen Compensation Insurance Act, 1923 and is there to protect you financially while still providing your employees with help in such situations.
So please touch VmHr Services for new or renewal workmen compensation policy.
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