Final answer:
Employers should be legally required to provide workers compensation insurance as it provides essential benefits to workers injured on the job and is part of a suite of protections that serve to provide financial security alongside pension and deposit insurance.
Step-by-step explanation:
The question of whether employers should be legally required to provide workers compensation insurance is multifaceted. Workers' compensation insurance is a system where employers pay into funds that assist employees injured on the job. The protection it offers to workers ensures that those suffering injuries at work can receive benefits without the necessity for legal action and the burdens it entails. Considering the historical context, during the early 1900s, labor reformers pushed for such mandatory compensation laws to improve worker safety, reduce industrial casualties, and inhibit the growth of radicalism and labor strikes. Proponents of workers' compensation argue that it's a crucial safety net, while some opponents may claim it places a financial strain on businesses.
When assessing the necessity of workers' compensation, along with related insurances such as pension insurance and deposit insurance, it is important to understand their purpose in providing financial security. Pension insurance, for example, assures workers that they will receive at least a portion of their expected pension if their employer cannot fulfill its promises. Similarly, deposit insurance safeguards individual bank deposits up to a certain amount, providing a safety net for depositors in the event of bank failure. Such insurance schemes are examples of how the law attempts to protect individuals from unforeseen economic hardships linked to their employment or financial activities.