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Reduce Expenditures While Maintaining Protection Against Unexpected Losses

An earnest evaluation of risk appetite and workers’ comp experience is the basis for managing an employer’s financial risk associated with self insurance.

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Excess Insurance/Self-Funded Plans

With Excess Insurance/Self-Funded plans, employers set aside an amount to assume financial risk for providing Workers’ Compensation benefits to their employees. Employers pay the cost of each claim ‘out of pocket’ as they occur up to a specified dollar level. Excess Workers’ Compensation insurance steps in to cover claims above the specified dollar amount, protecting employers against an unexpected catastrophic loss as well as unexpected frequency of losses. The benefits of this type of plan include:

  • The ability to pay claims as they occur and capture the cash flow benefits of unpaid loss reserves typically set aside for future claims with traditional programs.
  • Greater control over the handling of claims by working closely with the adjuster to take a path that makes most sense for your business and most important asset, your employees.

Keep in mind that each state sets its own standards for Self-Funded Plan eligibility. Most states, except California, require self-insureds to purchase statutory (no limit) Excess insurance from a state-licensed Workers’ Compensation insurer.

Together with your agent or broker, Prescient National will perform an in-depth analysis to determine if self-funding your Workers’ Compensation is a right fit for your organization. This includes assessing management’s perspective on risk appetite, the financial condition of the organization, the cost and availability of internal and external support systems, and the specific characteristics of your exposure.

We are Prescient National.

And together with you, we’re creating solutions that will yield greater benefits in the long run.

®

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866-710-0908

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DBA Prescient Insurance Center in California. We are a national company
domiciled in North Carolina. CA License number 6012743.

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      Information you submit to us through this website or otherwise is governed by the Prescient National General Privacy Policy. The categories of personal information we may collect are listed HERE, HERE we describe the purposes for which we may use this information, and HERE we describe our policies for retaining this information. We do not sell or share your Personal Information to/with third parties within the meanings given under applicable laws.