Workers’ compensation can help cover expenses for medical care, lost wages and other costs after a workplace injury. It’s also referred to as workman’s compensation insurance or workman’s comp. It can help injured workers if they are hurt on the job and it can protect business owners from significant financial losses after an accident. For example, workers’ comp can help cover medical treatment and lost wages if a heavy beam lands on a construction worker’s foot and causes a compound fracture. Without insurance, the employer could be responsible for all related costs, which could add up to tens of thousands of dollars. But workers’ comp is not just for high-risk jobs. Repetitive-motion injuries (i.e., carpal tunnel), slip-and-fall accidents and strains can happen at relatively safe businesses. Many small business owners also buy workers’ comp because it’s required in most states as soon as you hire your first employee.