Worker's Compensation

Meaning & Definition

What is Worker's Compensation

Workers' compensation is a compulsory insurance initiative providing financial and medical assistance to employees encountering job-related injuries or illnesses. Mandated by law in various jurisdictions, this insurance addresses medical expenses, rehabilitation, and partial lost wages for employees injured or becoming ill while on the job. The goal is to create a system ensuring the well-being of both employees and employers, offering a structured approach to handle and compensate for workplace injuries.