What is Financial compensation?
'''Financial compensation''' means to pay money to a person or an [[Organization|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. [[Business|Businesses]] may pay compensation if the product or service they sold has failed. Sometimes compensation is ordered by a [[court]] or an [[ombudsman]].<ref>{{Cite web|title=Compensation: Financial Ombudsman Service|url=https://www.financial-ombudsman.org.uk/consumers/expect/compensation|access-date=2024-03-23|website=Financial Ombudsman|language=en-GB}}</ref> It may be paid voluntarily to improve the [[reputation]] of a business.<ref>{{cite journal |last1=Santos Gasparotto |first1=Lisiane |last2=Araujo Pacheco |first2=Natália |last3=Basso |first3=Kenny |last4=Francisco Dalla Corte |first4=Vitor |last5=Costa Rabello |first5=Gisele |last6=Gallon |first6=Shalimar |date=February 2018 |title=The role of regulation and financial compensation on trust recovery |url=https://www.sciencedirect.com/science/article/abs/pii/S1441358216301860 |journal=Australasian Marketing Journal |volume=26 |issue=1 |pages=10–16 |doi=10.1016/j.ausmj.2018.01.002 |access-date=9 November 2023}}</ref> ==References== {{reflist}} [[Category:Economics]] [[Category:Legal terms]] {{stub}}