Workers’ compensation insurance, also known as “workers’ comp,” is a type of insurance that provides benefits to employees who are injured or become ill as a result of their work. The purpose of workers’ comp insurance is to provide financial assistance to employees who are unable to work due to a work-related injury or illness, and to help them get back to work as soon as possible.
Workers’ comp insurance is mandatory for most employers in the United States, and many other countries have similar laws. The coverage and benefits vary depending on jurisdiction but typically include things like medical expenses, lost wages, and death benefits for the employee and their dependents.
The coverage is triggered when the injury or illness is work-related and is generally administered by state agencies. The employers can purchase the coverage from private insurance companies or it can be provided through state funds. Generally, employers are required to provide coverage for employees regardless of fault.
The coverage is intended to be a “no-fault” system, meaning that employees do not need to prove that the employer was at fault for the injury or illness in order to receive benefits. In exchange for the benefits provided, employees typically give up the right to sue their employer for the injury or illness.
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