Tim East, Director of Risk Management at the Walt Disney Company and CEO and Chair of the Board of Trustees for the California Self-Insurers' Security Fund (CASISF), recently sat down for a conversation with the California Business Journal about workers' compensation self-insurance.
East shared his thoughts on topics ranging from the benefits of self-insurance to the impact of the current Covid-19 pandemic on evolving law in California. Front of mind for East is how self-insurance supports both employers and employees. Some key insights he shared include:
CASISF's innovative first-in-the-nation Alternative Security Program (ASP) provides self-insured employers with a $6.5 billion "low-cost substitute for collateral without any balance sheet impact." East says.
"The availability of the ASP incentivizes more California companies to become self-insured for workers' comp because not only do companies not have to pay large workers' comp insurance premiums every month, they don't have to set aside a large chunk of working capital to self-insure," East says. "Self-insurance has tremendous advantages and, in many cases, substantial cost savings for employers."
East emphasizes the best reasons for being self-insured are the Three Cs: Cost, Control, and Care, shorthand for cost-effectiveness, claims program control, and personalized care for those injured.
East discussed the ease of becoming self-insured. Companies wishing to become self-insured can achieve this in about 30 days from initial application to being fully self-insured. CASISF maintains a full complement of self-insurance resources on their website.
Read the full conversation with Tim East here.
The California Self-Insurers' Security Fund (CASISF) has been proudly serving its members for 36 years since its founding on July 6, 1994. We are a member-driven non-profit organization with leadership by a volunteer Board of Trustees representing members serving members. The Security Fund is a strategic partner supporting California self-insured workers' compensation programs. "We are California Workers' Comp Experts" with a singular focus on self-insurance.
More information on California's workers' compensation self-insurance program is available at CASISF's website - www.securityfund.org or by emailing email@example.com. For media inquiries, contact Becky Lysaght (510) 879-6035. #CASISF #CASISF36Years
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SOURCE California Self-Insurers' Security Fund (CASISF)