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State Insurance Funds

State Fund insurance programs guarantee that all employers can purchase workers compensation coverage.

Workers compensation State Fund.

When do I need a State Fund policy?

Generally, policies written through a State Insurance Funds cost more than coverage from a private carrier.  In non- monopolistic states, insurance companies are either contracted by the state to provide coverage, or the state administers its own State Fund program.  Employers who can't find private coverage due to their losses, claims, or the risk associated with their class codes, will need to buy State Fund insurance.

We Help Employers Buy State Fund Insurance Coverage.  Call 888.611.7467 Today.

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State Compensation Insurance Fund

Most states require employers to obtain workers compensation insurance coverage in order to provides their employees with medical benefits and compensation for lost wages due to injury or illness, occupation disease, or death arising while on the job.  Generally, workers comp insurance coverage can be purchased from a voluntary market insurance carrier.

In some instances employers are unable to find a voluntary market carrier willing to quote comp coverage.  Some common reasons for this are 1. poor loss experience related to either the frequency of claims or the amount paid for claims versus the premium paid (also know as a high Experience Modifier), 2. the dangerous nature of the risk or job classification codes, 3. prior bankruptcies or poor financial status of the employer, and 4. prior cancellations due to nonpayment of workers compensation premium. 

Workers Compensation Insurance is Mandatory

Since work comp is mandatory across the United States, every state makes work comp insurance available to every employers required to purchase coverage in the state.  These programs are referred to as the Residual Market.  They are more commonly known as State Funds, Assigned Risk Plans, or a Pool Policies. There are several ways in which a particular state may set up one of these residual markets. Some states establish their own State Fund to write coverage.  Other states even create competitive state fund which write both pool policies and voluntary market policies.  States such as Florida, establish a joint underwriting association (JUA) to provide coverage.  However, most NCCI states establish Workers' Compensation Insurance Plans (WCIP, or Assigned Risk Plans, which are administered by NCCI- National Council on Compensation Insurance, Inc.

Each WCIP State Fund is the mechanism through which eligible employers who are unable to find workers compensation coverage in the voluntary market must use to purchase workers' compensation insurance.  Some states require proof of declination from one or more carrier in order to access the State Pool.

Insurance coverage through the State Fund often costs 15% - 40% more than it would through a standard voluntary market. Therefore, these comp programs should always be the last resort. Even when a state fund rates seem reasonable, they are often more difficult to deal with and unable to provide multi-state comp coverage if needed.

At Workers Compensation, we work with State Funds and Residual Markets in most states; however, our goal is always to help relocate our insured's' out of these markets each year as the policies renew.  Our Specialists help employers understand exactly what it takes to lower their work comp rates and find voluntary coverage.

Avoiding State Insurance Fund Coverage

If you are with a State Fund or have a pool policy in your state your goal should be to find cheaper coverage. Sometimes its simply a matter of shopping your policy with a large national agency that specializes in work comp, like Workers Compensation  Often it comes down to controlling your work comp losses and claims over a period of time.  We have carries and Safety Programs designed to help with these issues.

Employers should endeavor to prevent injuries from occurring with training and safety initiatives.  When injuries do occur, employers need to have a quick, caring, and responsive claims management system in place to help employees recover and return to work as quickly as possible. Employers should also communicate with employees frequently throughout the recovery process and provide a Return to Work Program when possible.

The Following State Fund Pools Are Managed by State Bureaus or Organizations and not by NCCI

  • Indiana Assigned Risk Reinsurance Pool.

  • Massachusetts Workers Compensation Assigned Risk Pool.

  • Michigan Workers Compensation Placement Facility.

  • Mississippi Workers Compensation Assigned Risk Pool.

  • Wisconsin Rating Bureau.

Employers are Typically Eligible for a State Fund Program Under the Following Conditions

  • Received the required number of voluntary insurer declinations.

  • No outstanding offers of voluntary coverage.

  • No outstanding insurance premium obligations, non-compliance issues with audits or reasonable safety recommendations .

  • Not made material misrepresentations when applying for coverage.

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State Fund Work Comp Quotes

At Workers Compensation, our goal is to help employers find affordable workers comp quotes outside of State Fund plans.  However, sometimes employer's simply don't have other options available. 

Our agency is appointed with most State Fund Insurance Programs and we've helped thousands of employers purchase state fund coverage when a voluntary market policy is not available.  We are appointed with NCCI and can provide State Insurance Fund, or Assigned Risk quotes in the following states through our affiliation and licensed appointment with NCCI:

Alabama Alaska
Arkansas Arizona
Connecticut DC
Georgia Idaho
Illinois Indiana
Iowa Kansas
Mississippi North Carolina
Nevada New Hampshire
New Mexico Oregon
South Carolina South Dakota
Vermont Virginia
West Virginia  

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  Workers Comp Exclusions- Owners and Officers

Helping Employers Avoid State Fund Policies

Our Workers Comp Specialists are experienced in dealing with the NCCI residual markets and State Fund insurance programs throughout the United States.  If you need a State Fund policy for your employees, contact us at 888.611.7467 today for help.

Our primary goal in marketing your workers compensation is to try and keep your policy out of the State Insurance Fund.  We will negotiate with our private insurance partners to see if they are willing to quote your coverage.  We are contracted with dozens of insurance companies specializing in higher risk industries and employers with a few large claims affecting their experience mod's.

If we can't convince a private market willing to quote your coverage, we will solicit quotes from the appropriate State Funds and then advise you on what needs to be happen during the policy period to help avoid a State Fund policy at your annual renewal.

State Insurance Fund Insurance is often 15% - 40% higher than a policy written through a private insurance company.

Call (888) 611-7467 today to learn more about state fund insurance and find out if your business qualifies for more affordable coverage with one of our national partners.


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