What is Workers’ Compensation?

A type of business insurance that provides benefits to employees who suffer work-related injuries or illnesses. Specifically, this insurance helps pay for medical care, wages from lost work time and more. Workers’ Compensation premiums are calculated according to risk factors such as the type of work performed by employees and the claims record of the business. In the US, it is an exclusive remedy for employees who may not sue their employer in addition to receiving benefits under the Workers’ Compensation policy.