Workers' compensation (colloquially known as workers' comp in
North American English or compo in
Australian English) provides
insurance to cover medical care and compensation for employees who are injured in the course of employment, in exchange for mandatory relinquishment of the employee's right to sue their employer for the
tort of negligence. The tradeoff between assured, limited coverage and lack of recourse outside the worker compensation system is known as "the compensation bargain". While schemes differ between jurisdictions,
provision can be made for weekly payments in place of wages (functioning in this case as a form of
disability insurance), compensation for economic loss (past and future), reimbursement or payment of medical and like expenses (functioning in this case as a form of
health insurance), and benefits payable to the dependents of workers killed during employment (functioning in this case as a form of
life insurance). General damages for
pain and suffering, and
punitive damages for employer
negligence, are generally not available in worker compensation plans. Cash benefits are established by state formulas with maximum benefit level. The benefits are administered on a state level, primarily by the state department of labor.
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