|
Problem:
Workers' compensation premiums are carving
into the profitability of many California
businesses,
threatening the existence of some and jeopardizing
the State's ability to attract new businesses.
Many businesses identify workers’ compensation
insurance as their number one priority in
the
area of cost control.
Solution:
In contrast with the complexity of the current
system's problems, BRS helps employers in the
same industry classifications to create self-insurance
groups (SIGs) to manage their workers’
compensation exposure.
The operating principles
behind group self-insurance are relatively
simple. Members contribute
into
a fund, which is conservatively invested
and tracked by policy year. The SIG pays
each policy
year's expenses (administrative costs,
claims, etc.) from collected funds and retains
any surplus
from contributions and investments for
those
members who contributed to the group
that year.
Self-insurance groups
are created by employer members to prevent
injuries
and to help pay for their workers' compensation
benefits in a timely, efficient, and cost-effective
manner. Employers insured through SIGs contribute
to a fund that remains within the group’s
control. Any money not spent to cover claims
or operating costs is retained by the group
and could potentially be refunded to the
members.
To learn more about our SIG
services, please call Rick Brush at ext. 1154
or click here
to email.
|
