Since a basement has only one entrance and exit, by OSHA definition, your basement is a confined space. Entering it technically requires an entry permit and is a hazardous environment. (think about it. If a fire breaks out at the top of the stairs, how would you get out?)
An egress window solves this problem by being able to be opened in an emergency to allow exit to ground level. A shaft with a retaining wall and built in ladder rungs are required on the outside of the window. For added security, a grate that opens from inside can be fitted over the top of the shaft and secured from the inside.