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HOW MUCH WILL SELF-INSURANCE SAVE YOU?
Page 38
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Self-insurance saves you money largely because it cuts away traditional insurance structures, says the Up2U group (www.Up2Ugroup.com). which helps companies set up self-insurance programmes.
Self-insurance does this by allowing hauliers to settle their own claims. Managing director Jonathan Mounteney says: "Clients posses better knowledge of how to settle their affairs than some distant, possibly illinformed, loss adjuster."
He adds that there are several other benefits, including keeping money in the bank until (and if) you have to pay a claim. This can be up to two years, which is typically worth 10% of the total claim.
There are also tax benefits for self-insured companies, for example being exempt from paying the M1B levy (about 10% on a typical premium).