Advantages of State Funds
Both exclusive and competitive state funds offer employers advantages.
In addition to offering a constant, reliable, and economical source
for workers' compensation insurance, state funds excel in the service
area.
In contrast to many private insurers writing workers' compensation
insurance, state funds have sufficient premium value in concentrated
geographical areas to serve the needs of both large and small employers.
For example, state funds provide ongoing, aggressive safety and
loss prevention programs staffed by local safety professionals that
reduce accident frequency, severity, and ultimate costs.
Claims management is an area in which state funds excel. The prompt
delivery of benefits to injured employees by local adjusters together
with evaluations of liability result in savings to employers and
the best possible result for the injured person and his family.
State funds also have experienced staffs to monitor treatment and
control medical costs.
As a result of this local approach to insurance business, state
funds have a significant market share in virtually every state where
they are located.
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