More and more businesses are considering the financial and cultural benefits of exploring self-insurance for workers compensation rather than remaining a traditional participant in scheme.
As a self-insurer, a business is responsible for managing and paying all claims and their costs as they are incurred instead of a traditional premium to an insurer or regulator.
With this comes the ability to realise administrative efficiencies, create a better experience for injured workers and make significant cost savings particularly as many industry tariffs continue to increase.
The self-insurance journey consists of several milestone activities to firstly qualify and then to ensure success as a license holder including (although by no means limited to):
Gallagher Workplace Risk has the experience to support our clients with navigating all the key milestones to enable our clients to pursue self-insurance with confidence.
To hear more about our capabilities or whether self-insurance could deliver the benefits to your organisation that many of our clients have realised please CONTACT US.