| Self insurance can be ideal for many organisations, | | | | to evaluate the self insurance management |
| but it's also a demanding task for business | | | | requirements involved. |
| management. The knowledge base required is | | | | All businesses are different, and all require appropriate |
| sometimes extensive, and a bit of professional advice | | | | management systems to qualify for self insurance |
| and support is often useful to both clarify issues and | | | | licensing. The OHS and risk management insurance |
| make sure everything's being done properly and in | | | | practices for your industry give a good rule of thumb |
| compliance with licensing requirements. | | | | guideline for assessing your requirements for self |
| Self insurance management issues | | | | insurance, and the management systems involved. |
| Self insurance licensing is regulated in each state or | | | | Getting support and backup when you need it |
| territory. Licenses are issued on the basis of meeting | | | | The setup of a compliant self insurance system |
| strict but very business-friendly regulatory criteria. | | | | requires implementation of a range of management |
| Because self insurance involves businesses taking on | | | | practices in compliance with law. It's normal practice |
| the financial and management responsibilities for | | | | for businesses to seek the assistance of expert risk |
| workers compensation, it's necessary that a full | | | | management consultants who specialise in this field to |
| spectrum of management programs in these fields | | | | ensure approval of the self insurance license |
| are implemented. These management programs are | | | | application. |
| required to be statutorily compliant. | | | | The best health and safety management consultants |
| There are several fundamental operational areas to | | | | can also provide management services for self |
| be addressed: | | | | insurance, including the very important safety audits, |
| - Risk management practices | | | | as well as compliance management and advisory |
| - OHS programs and operations | | | | services. These services are particularly valuable in |
| - Financial management requirements | | | | terms of dealing with complex workers compensation |
| - Workers compensation management | | | | licencing processes. |
| Functionally, this means that businesses must: | | | | The other area of support commonly required is in |
| - Prove the ability to provide financial support to the | | | | terms of best practice risk management. OHS |
| self insurance program | | | | management systems are continually evolving and |
| - Put in place the required management programs | | | | providing solutions to difficult workplace safety issues |
| - Operate a fully compliant OHS management system | | | | in all industries. Best practice risk management |
| - Operate a workers compensation program in | | | | support provides a combination of real time expertise |
| accordance with the requirements of the regulators | | | | with operational issues and strategic management |
| legislation. | | | | expertise. |
| Assessing your needs | | | | Self insurance is a real option for employers who are |
| Cost effectiveness of self insurance is a major | | | | working with a large workforce and want a clear cut, |
| element of assessment. Self insurance is a particularly | | | | in-house management regime for OHS, industrial |
| efficient form of workers compensation coverage | | | | safety and workers compensation. Whatever the |
| for many employers. It's an opportunity for | | | | specific needs of a business, experience has shown |
| businesses to take control of an important area of | | | | that the combination of self management and good |
| risk management. If you consider this an appropriate | | | | risk management is the right solution for employers. |
| response to your insurance issues, the next step is | | | | |