Self-insurance is an alternative to conventional premiums

In 1938 Lever Brothers of Balmain (now Unilever) were issued the first Self-insurance in NSW and many employers followed suit after the second World War. This form of licensing was introduced to permit employers to self-insure their workers’ compensation program to improve balance sheet performance, safety and workplace productivity.

It was South Australia that precipitated a shift to self-insurance across Australia as other jurisdictions followed suit with an option to self-insure including Comcare eligibility in the last decade. Many businesses who remain shackled to the traditional compensation schemes continue to experience variations in premiums for worker’s compensation that make it hard to set budgets consistently of a three-to-five-year period.

Mr Chris Douglas, Managing Director of HIMS Group Australia, said, “Over the last decade, our clients have been consistently saving money and improving their productivity by self-insuring the worker’s compensation programs.

“Many of our clients were operating on premiums of several millions of dollars, so by self-insuring their workers’ compensation, they immediately improved cash flow and productivity.” 

Why consider switching to self-insurance of workers compensation? 

Self-Insurance enables an organisation to manage its liabilities and control workers compensation costs in a more efficient ways than participating in an insured compensation scheme. Moreover, instead of paying a sizeable premium each year, claims costs are incurred over time.

As a self-insurer, an organisation can manage its claims more efficiently, as it understands the workplace and employees better than an insurance company. If an employee is injured, the employer can promptly offer suitable duties because claims and injury management services are integrated into the business. In comparison, a representative from an insurance company may not be as well placed to discuss suitable employment alternatives for an injured worker. 

Additionally, self-insurance presents a potential human resources dividend in a more contented and committed workforce. Employees often appreciate that an employer with a self-insurance program is taking more interest in their health and wellbeing outcomes.

Why work with a self-insurance advisory and claims management service? 

A self-insurance advisory service such as HIMS manages personal injury claims by working very closely with our clients; we know their workplaces and culture and we understand that effective management of employee injuries requires a broader focus than legislative compliance. 

“For over 20 years, our team has been helping Australian businesses become self-insured and manage their workers’ compensation claims,” said Mr Douglas. 

With offices across Australia, the HIMS Group provides the complete self-insurance solution that enables managers and leaders to focus on their core businesses, whether it’s manufacturing, financial services, logistics or food processing. “We provide self-insurance feasibility assessment, licensing application support, regulatory communication and claims management,” says Mr Douglas.

“We understand that your employees are your most valuable resource and that a positive workforce depends on employees knowing that they will be cared for by experienced and compassionate people if they are injured. We focus on the well-being of both your employees and your bottom line.” 

According to Mr Douglas, the HIMS National Injury Hotline, together with its medical provider network, support early intervention; which is crucial to returning employees to work and everyday life.

“Our focus is on helping our clients meet their regulatory obligations as self-insurers, providing advice and managing claims on their behalf.”

To find out more about the feasibility of a self-insurance solution, contact HIMS Group on 02 8378 2127 or email: team@HimsGroup.com.au