This not only provides a source of investment income but also contributes to better cash flow management. Companies that self-insure maintain reserves for workers’ compensation claims, earning interest on those funds until they are needed for claim payments.
By managing their workers’ compensation program, companies can design and implement risk management strategies specifically tailored to their unique operations, industry and workforce. Customized risk management is another compelling reason for companies to self-insure.
Whatever level of control is chosen, it often translates into better outcomes for both the company and the injured workers, as the company can ensure timely and appropriate care while managing costs effectively. 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.
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