Because we're in the insurance industry, our world can be filled with jargon. While we try to avoid it at Cake, sometimes it sounds like we're speaking a different language. So time to time, we like to play the role of insurance interpreter and clarify a few of the more common—and confusing—workers' compensation terms and history.
What we do at Cake goes by many names: Workman's comp, work comp, workers' comp, or just comp. But where did these names come from?
During the industrial revolution, economic and industrial activities flourished, but the number of work injuries also grew. Back then, the workforce was almost entirely male, which may be why we still hear workman's comp. Prior to the introduction of workers' comp, workers who were injured on the job had no recourse other than to sue their employers, an expensive and time-consuming process. And it didn't always pay off.
Workers' compensation was designed to provide injured workers with prompt, fair and guaranteed benefits. Employers, in turn, were protected from potentially catastrophic loss, as workers' comp would provide set benefits for the injuries suffered by the employee.
Regardless of what you call it, workers' compensation is here to protect you and your employees. If you need a quote, you can get one in minutes with Cake.