Workers’ compensation protects insurance companies from large claims caused by accidents. We cover bills, damages and many more that may arise out of an accident. In most cases, medical expenses are covered. However, in some cases, lost wages and death benefits are also covered by this insurance.

Also, it is important to note that industrial accident insurance is not medical insurance. Only incidents occurring at the workplace or work-related sites are covered. Medical insurance covers all types of medical accidents, both on and off the job, but Workmen’s Compensation Policy does not. Additionally, as an employee, you pay for a portion of your medical insurance. Employers pay for workers’ compensation insurance. Today, most places require this type of coverage for businesses.

In today’s world, businesses almost everywhere require some form of insurance. Besides the fact that it’s the law, it’s a good thing. Accidents can and do happen all the time. Accidents especially occur in the workplace where you use equipment, and you are often in an area that you may not be familiar with. In cases like this, it’s often a good idea to take precautions to protect your business and your employees. This ensures that no one loses money due to high medical bills that may result from work-related accidents. So get your company covered and invest in workmen’s compensation policy.

Do you have professional doctor coverage insurance? Now think about how your client has lost money or suffered huge losses because of one mistake of yours! However, you may still find yourself defending a lawsuit. Insurance will pay for these legal costs and damages. Many clients want to make sure they have medical insurance before signing a contract.

As a professional, you always run the risk of being sued by clients who don’t think your services are valuable, and who may end up taking you to court for your advice or services. If you are in a profession that requires you to sell your knowledge and skills on a daily basis, you should seriously consider getting professional liability insurance. Taking out PI insurance covers claims made by customers for damages or loss. Physician professional coverage also covers the legal costs of fighting third party claims and lawsuits.

Almost all Indian professionals require Doctor Professional Indemnity Insurance either as a regulatory requirement or as a part of their professional endorsement. Whether you are a doctor, lawyer, accountant, freelancer, broker or financier, your chances of getting your service wrong are the same! We recommend that you have PI insurance. These days the cost of litigation in India has become so high that if you do not have PI insurance then a single claim can financially impact your business forever.

By Rehan

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