Workers' Compensation

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Workers' Compensation

Insurance that pays for an employee's medical care in the event that he/she is injured at work. Workers' comp may also provide for lost wages and compensate for disability or reduced earning potential. In exchange for receiving workers' comp, the employee surrenders the right to sue the employer for negligence. Workers' comp is mandatory in many jurisdictions and employee paychecks are reduced by the amount of the premium.
References in periodicals archive ?
The upward trend in California workers' compensation claims costs has not abated," said Dr.
Lump-sum settlements are agreements that typically close out a workers' compensation claim and result in a single payment to the worker.
The study of 12 states, which represent about 60 percent of workers' compensation benefits paid nationally, also reported that expenses to manage claims in California for 1999 as of 2002 accounted for 12 percent of total claim costs, among the highest of the 12-state study.

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