compensation is defined as “a system in which an employer must pay the lost wages and medical expenses of an employee who is injured on the job.” Everyone knows what that means, to a degree. For example, when someone working on a factory floor is injured, it is generally understood that the company may be held accountable for the employee’s medical expenses. Manual labor jobs, such as construction or manufacturing, come to mind when discussing the potential of being injured on the job, and for good reason, as a recent report on workplace injury statistics stated that construction jobs are among the most dangerous. Watch video in link below
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As you can see, no company is immune to injury or death. If you employ human beings, you risk finding yourself in a situation where you could be financially accountable for an incident. Companies of all sizes and industries should be prepared for these unfortunate circumstances to ensure the protection of both the employee and the company. After all, if the company should suffer a significant financial loss, it could affect their entire workforce by causing layoffs or even forcing the business to close.