![]() ![]() Or, if a third-party administrator is hired to handle claims management, a degree of control is still assured as the TPA takes their direction from the self-insured. Self-insured companies can directly oversee claim investigations, settlements and medical treatments, allowing for a more efficient and tailored approach to addressing workplace injuries. A significant advantage of self-insurance is the increased control it provides over claims management.Self-insureds create this advantage in numerous ways: Companies that self-insure in essence cut out the middleman and retain the net profits that they would pay to an insurer as part of their premium payments. By directly managing their workers’ compensation risks, companies with strong safety records and low claim frequencies can often achieve lower overall costs compared to purchasing insurance from commercial carriers. The main reason companies opt for self-insurance is the opportunity for cost savings. For many companies, self-insuring their workers’ compensation programs is a strategic decision driven by the potential benefits it can offer over traditional insurance policies. ![]()
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