Workers' compensation, also known as "workers comp":
covers employees who are injured or disabled on the job, or on the way to or from work
frees employees from having to cover medical bills related to their on-the-job injury
provides monetary awards to cover loss of wages directly related to the accident
compensates for permanent physical impairments, such as loss of hearing in a noisy environment
Workers comp eliminates the need for litigation because employees
give up the potential for pain and suffering related awards
are not required to prove their employer committed a legal fault, known as a tort
Risk of Fraud by Employee and Fraud by Employer.