Workers' compensation insurance is a type of insurance that provides benefits to employees who are injured or become ill as a result of their job. This insurance is typically required by law in most countries and is designed to protect both the employer and the employee.
The benefits provided by workers' compensation insurance may include payment for medical expenses, lost wages, rehabilitation costs, and even death benefits. In exchange for receiving these benefits, the employee typically gives up the right to sue their employer for negligence or other related claims.
Employers are typically required to pay for workers' compensation insurance, and the cost of the insurance is usually based on the type of work being performed and the level of risk associated with that work. Employers may also be required to follow certain safety regulations and protocols to reduce the risk of workplace injuries and illnesses.
Overall, workers' compensation insurance is an important protection for both employees and employers, as it helps ensure that employees receive the necessary benefits and care in the event of a workplace injury or illness, while also providing employers with protection from potentially costly lawsuits.
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