Which of the following best describes workman's compensation?

Workman's compensation refers to a system of insurance that provides financial compensation to employees who suffer injuries or illnesses as a direct result of their work. This compensation typically covers medical expenses, rehabilitation costs, and a portion of lost wages during the recovery period. The primary goal of workman's compensation is to support employees who are unable to work due to job-related injuries and to ensure they receive necessary medical care.

In contrast to other options, such as bonuses for excellent work, which reward performance rather than address injury or illness, workman's compensation specifically caters to incidents that arise while performing one's job duties. Retirement benefits relate to long-term employees and their pension or financial support after leaving the workforce, while insurance coverage for workplace accidents alone does not encompass the broader scope of benefits and protections offered by workman's compensation. Therefore, the focus on providing financial support and medical assistance to injured employees solidifies option B as the best description of workman's compensation.