This licence allows you to manage your own workers' compensation claims instead of paying workers compensation premiums to a licensed insurer. Workers compensation is a system whereby an employer must pay, or provide insurance to pay, the lost wages and medical expenses of an employee who is injured on the job.
This licence may be granted to an employer (single licence) or to a holding company and all wholly owned subsidiaries (group licence). Gaining this licence will provide you with full responsibility for the payment of claims liabilities and for the management of those claims. You will also be liable for any associated risk.
Self-Insurance can provide:
- better work health and safety conditions
- fair and equitable treatment
- improvement in rehabilitation and injury management.