Worker’s compensation

Definition

Worker's compensation is a form of insurance providing wage replacement and medical benefits to employees injured in the course of employment. It aims to eliminate the need for litigation by establishing a fixed set of compensations.

Related terms

Occupational Safety and Health Administration (OSHA): A federal agency that sets and enforces safety standards in the workplace to prevent employee injury and illness.

Disability Insurance: Insurance coverage that provides income in the event a worker is unable to perform their work and earn money due to a disability.

Liability Insurance: Insurance that provides protection against claims resulting from injuries and damage to people and/or property