The state compensation insurance fund is a vital asset to any business and the largest provider of workers' compensation insurance funds. It supports entrepreneurial spirit and plays a vital role in the economy by offering affordable insurance premiums to every worker. The state fund has operated for over 100 years in some states, ensuring that the workplace safe and restoring the condition of injured workers.
The state fund provides comprehensive and diverse products and services for employers and injured employees with lower-than-average premium in some industries and classification. It has quality, reliable and convenient medical provider network to give a piece of mind to injured workers.
It offers no-cost loss prevention, health and safety seminars and return to work safety programmes to help keep the workplace safe and/or get employees back to work as fast as possible. State fund actively fights fraud to keep to every employer and employee through the investigation unit.
Besides, its financial strength is purely conservative management, investment portfolio that is segregated across many sectors and users, and carries a relaxed credit quality. It is the largest provider of workers' compensation insurance, with a clear focus on keeping the workplace safe and preventing any on-the-job incidents.
However, when injuries occur, the state compensation insurance fund provides a peace of mind for employers and their injured employees with fast, reliable treatment options, claims service and other benefits delivery.
When any of your employees is injured, you can always count on state compensation insurance fund. The organisation understands the procedure because it specialises in workers' compensation for over 100 years. Here are a few programmes and services that you will enjoy:
Every employer is required by law to carry workers' compensation insurance, and in turn, state compensation insurance fund charter ensures that every employer is able to obtain workers' compensation insurance via state fund. You may obtain state funds in the following ways:
Employers can now access state fund either directly from one of the state fund's offices or through their brokers. The option to work with brokers in addition to state fund office staffs creates the highest level of convenience to employers.
You can use your insurance carrier that provides workers' compensation. However, ensure that your insurance company is in partnership with state compensation insurance fund before you begin the insurance process.
As an employer, you can access state compensation insurance fund directly from one of the state fund offices. This channel is fast, reliable and efficient to any employer who seeks to insure his/her employees against workplace accidents.
Besides, during the application process, you will be asked the number of employees, their estimated annual payroll amount and the type of work they do. However, if you have a business that requires licensing, you are required to provide a proof that the license is valid and current. Again, if your business had prior workers' compensation insurance, you are expected to provide additional information, including the loss runs and the history of your policy for up to five preceding years.
State fund provides employers with the best products at the best possible price available. The policyholders pay for workers' compensation insurance is mainly based on their payroll, job-specific classification and the experience modification, if applicable. However, the amount may be modified, using premium size discounts and numerous state fund discount plans. Larger companies may have extra options that allow customised services to the business needs. Consult with your state fund representative or broker to find out if you qualify for experienced modification. Here are a few programmes and discount plans available from state compensation insurance fund:
Scheduled rating plan: it provides a mechanism for identifying your personal risk characteristics as an employer that is not reflected in the base rating. The plan may reward your favourable risk characteristics like management endorsement safety programmes and return to work formula. Scheduled rating plan is subject to a maximum debt of 40 per cent and a maximum credit of 40 per cent.
Standard plans: it uses base rates that originated from the field rates for classified codes in state fund. The rate for each code is again multiplied by the payroll of the employer for every class code.
Premium discounts: the state compensation insurance fund offers employers a discount above the set premium threshold, because higher premium accounts get relatively lower expenses associated with the services. This premium discount is applied via a plan of premium levels and percentages. Although, not every account will qualify premium discounts, you can receive a discount of up to 11.2 per cent.
Special plan: this compensation insurance fund also offers an alternative dispute resolution plan that benefits employers who have signed a particular type of collective bargaining contracts.
One thing that you need to know is that state compensation insurance fund is not a branch of any nation or state. It is an independent body, which was founded to support the entrepreneurial spirit and improve financial strength of both small and large businesses across many industries. So, if you cheap, reliable and efficient compensation insurance fund for your employees, then state fund is a must for you.