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Understanding Workers' Compensation

Posted by: Rod Kurtz on June 26, 2007

Last year, workplace injuries affected thousands of employees and cost U.S. companies more than $110 billion. Chances are, your firm will eventually have to deal with a workplace injury—which means that you will also have to deal with a compensation claim.

Think of workers’ comp as a legal compromise: In return for compensating employees who require medical treatment or who miss work due to a workplace injury, employers avoid potentially costly lawsuits. Workers’ compensation also protects employees who might not be able to support themselves or their families because of a work-related injury.

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