Workers' Compensation Insurance

Simply speaking, it's compensation paid by the employer to the worker injured during the course of employment. This compensation is for the loss of his/her earnings/wages while away from work due to the injury, to pay for the extensive medical bill, for the grief and turmoil caused due to the accident etc. The employer cannot pay for all of this at the time of the injury. He could go broke. Therefore putting aside money by way of premiums into this policy ensures the employer that in such times of calamity, the injured worker would be adequately compensated from the purchase of this policy.