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Workmen compensation insurance premium calculator


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What is a Workmen compensation insurance premium calculator?

A workmen compensation policy premium calculator is an online tool that helps you calculate the premium you need to pay for buying a Workmen compensation policy. It gives you an estimate of the premium that can help you plan your finances accordingly.

Benefits of Workmen compensation policy premium calculator

The benefits of Workmen compensation policy premium calculator are:

Easy to use

The Workmen compensation insurance premium calculator is extremely easy to use. All you need to do is enter basic details such as your company’s occupancy, average monthly salary of workers, number of workers (semi-skilled / skilled / unskilled) and the policy duration for the calculator to give instant results. .

Accurate premium estimation

The Workmen compensation policy premium calculator gives you an accurate estimate of the premiums you need to pay for your policy based on factors like employees’ average monthly salary, policy duration, occupancy, and the number of workers.

Budget planning

The Workmen compensation insurance premium calculator helps you plan your finances by knowing the expected cost of coverage. It facilitates better decision-making.

Note: Premium is subject to change as per occupancy and discount provided after evaluation done by underwriter.

How does a Workman compensation insurance calculator work?

A Workmen compensation policy premium calculator considers certain key factors to calculate premiums. These include:

  • Occupancy
  • Average monthly salary of workers
  • Policy duration
  • Number of workers working for your organisation, including semi-skilled, skilled and unskilled

Note: Premium is subject to change as per occupancy and discount provided after evaluation done by underwriter.

How to use this calculator?

To use the Workmen compensation insurance premium calculator:

  • Visit our website

  • Enter basic details like your mobile number, email, company name, pin code

  • Select the industry category from the dropdown

  • Input the number of skilled workers, semi-skilled workers and unskilled workers, along with their monthly salaries

  • Check the box if you’ve any claim in your past policy

  • Click on ‘Retrieve Quote’ to get the premium estimation

Factors affecting Workmen compensation premium

The factors affecting workmen compensation premiums are:

1

Type of work

The type of industry you operate in has a direct impact on the premiums. Industries such as mining, construction, oil and gas, etc., carry a higher risk than those involving desk jobs.

2

Number of employees

Premiums also depend on the number of employees you want to cover. More employees may mean a higher sum insured, which can impact the premium amount.

3

Claim history

Your previous claim history impacts the premium. Insurers consider previous claims made while calculating premiums for your policy.

4

Payroll size

Premium is also based on the total size of the payroll. Insurers consider the payroll size to estimate potential compensation costs.

Frequently Asked Questions

What is workmen compensation insurance?

Workmen's compensation insurance provides financial coverage for employees who suffer accidents or injuries while performing their duties. This coverage helps them pay for medical treatment and quickly return to work.

What is Workmen compensation insurance premium?

Workmen compensation insurance premium is the amount you need to pay your insurer for buying a workmen compensation insurance policy.

Should I use a Workmen compensation insurance premium calculator?

Using a Workmen compensation policy premium calculator can help you estimate the premiums you need to pay towards a Workmen compensation policy. It can help you plan your finances better.

Does the Workmen compensation insurance premium calculator give accurate results?

Results from the Workmen compensation policy premium calculator depend on the inputs you give regarding your business, employee strength, wages, etc. The calculator gives you a quote based on the inputs provided. It also depends on the discounts available basis the policy’s underwriting.

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*Source: Times of India

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You will be contacted by our Relationship manager shortly with a customised quotation. To connect further for any queries, you can write to businessinsurance@icicilombard.com or call us on 1800 2666.