What means Self Insurance?
Some organizations may provide self insurance to their employees instead of purchasing coverage from insurance companies. The employer saves the benefit that would be paid as premium to an insurance company.
Self Insurance actually means no insurance. The company must be prepared for the risk. The public or private employers are responsible by their own coverage. They need to post security deposit to cover liabilities. Third party agencies oversee self insurance programs. A self insurance is similar to regular insurance, though it involves risk management. An eligible risk, defined by its own criteria, is retained. To compensate losses, an amount of money is always saved. A self insurance premium can be paid, thus an on-balance provision can be made or even any premium will be paid at all. To take on a risk self insurance, one has to know how to rate the risk properly.
With the rising costs of commercial insurance, self insurance has become an interesting alternative for many employers. Many services are available to provide help to employers operating self insurance. Self insured health plans, compensation funds, compensation programs and stop (excess) loss are among the main.
The Board’s Office of Self Insurance is responsible to approve the employer requirements for self insuring their employees.
Reducing claim numbers and increasing flexibility would reward self insured employer with reducing overall costs.
About Insurance Resources
Wikipedia featuring information on the meaning of self insurance and its details and coverages.
Self Insurance - Information From Answers.com
Information on self insurance, how it works, and other importante related topics about insurance.
Workers' Compensation Board - Obtaining Insurance Coverage
Information about self insurance, group self insurance, and how to get the right coverage.
Abou NPU - Non Profits United
Information about NPU insurance company and some details explained about self insurance.
Brief explanation on the meaning of self insurance and its work for the insured.
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