Workers’ Compensation rates are increasing across all class codes and carriers.Monument, as a self insured group, is an alternative to the standard market and it allows for Insureds to save 10-20% in premium dollars.
Monument is a self insured group administrator for a program called Quality Comp.
Quality Comp is a group of nonprofits that have decided to pool together and self insure their Workers’ Compensation insurance. By doing this they have reduced their premium costs substantially, while still maintaining much-needed loss control and claims services.
Quality Comp has third-party loss control and claims administrators who work closely with all of the group members to ensure they are maintaining safe, healthy work environments.
In addition, Monument has controls in place, like reinsurance, to ensure that all group members’ losses are capped and there is adequate protection in the event of catastrophic losses. Monument is the only self insured group program to have these controls in place, which is why it is the only program endorsed by Chapman.
Being a member of a self insured group allows for your organization to have more control over the management of your claims and loss control services. In addition, Quality Comp current and past members sit on the Board and ensure that all decisions made are in the best interests of all of the group members.
Quality Comp is a strong program and a great alternative to the standard Workers’ Compensation market.