What are financial penalties or payments made due to accidents typically referred to?

The term "fines and compensation" accurately encapsulates the financial penalties or payments associated with accidents. In the context of occupational health and safety, when accidents occur, there may be legal or regulatory repercussions resulting in fines imposed by authorities to enforce compliance with safety regulations. Compensation, on the other hand, refers to payments made to victims of workplace accidents for their injuries, lost wages, or other damages suffered due to the incident.

This terminology is important as it reflects the dual nature of financial repercussions following an accident: the fines serve as a punitive measure against the entity responsible for failing to maintain safety standards, while compensation acknowledges the responsibility to support affected individuals. Understanding this distinction is crucial in recognizing how legal frameworks operate to ensure accountability and support for those harmed in workplace incidents.