Financial compensation

Financial compensation means to pay money to a person or an organisation because they have suffered a loss. What was lost does not have to be money. The word is most often used in cases of damages. It may also be used for other sorts of payments. Workers' compensation is paid in many countries where an employee has suffered an injury at work. Businesses may pay compensation if the product or service they sold has failed. Sometimes compensation is ordered by a court or an ombudsman.^[1] It may be paid voluntarily to improve the reputation of a business.^[2]

1. ↑ "Compensation: Financial Ombudsman Service". Financial Ombudsman. Retrieved 2024-03-23.
2. ↑ Santos Gasparotto, Lisiane; Araujo Pacheco, Natália; Basso, Kenny; Francisco Dalla Corte, Vitor; Costa Rabello, Gisele; Gallon, Shalimar (February 2018). "The role of regulation and financial compensation on trust recovery". Australasian Marketing Journal. 26 (1): 10–16. doi:10.1016/j.ausmj.2018.01.002. Retrieved 9 November 2023.