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Options for Workers' Compensation
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Private Insurance
Some employers in Michigan purchase an insurance policy from a private insurance company. The insurance company then reports to the bureau that it is providing coverage for that employer.
Self-Insurance
Some employers who are financially sound (and usually quite large) are "self-insured." That means the employer pays benefits directly to the injured worker. An employer can only be self-insured if it obtains permission from the bureau.
Group Self-Insurance
"Group self-insurance" is another option that is available. Under these plans numerous small employers who operate the same kind of business and belong to the same trade organization can band together to obtain approval for self-insurance as a group. Group funds are non-profit, they offer very competitive rates, and they are owned and operated by group members.
For information on MRA's group fund, click here, or call (800) 968-9668.
Information courtesy of Regency Insurance Group, program manager for MRA insurance programs. www.regency-group.com, or call Regency at (800) 686-6640.
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