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Definition: Workers Compensation Insurance is a form of business insurance aimed to protect employees from work-related illnesses and injuries.
It is a policy which covers employers and employees injured as a consequence of a misfortune on the job, decreasing employee employability.
Some of the benefits included in this policy are: medical expenses, death benefits, lost wages, and vocational rehabilitation. Typically in exchange for (mandatory) relinquishment of the employee's right to sue his or her employer for the tort of negligence.