Advantages 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 injured workers and their families. 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. |