Does your company have annual workers' compensation premiums in excess of $2,500?
The Chamber, through the Kansas Employers Workers' Compensation Fund, can help eligible members stabilize those expenses and reap the benefits of enrollment in the fund.
With this non-profit fund, any surplus funds not needed for losses and expenses remain in the fund's invested account. Excess funds may be returned to members upon state approval or retained as a reserve to help further reduce future premiums. Either way, the result is direct savings and significant advantages for Fund members.
The Fund's purpose is to provide coverage to members. Unlike a private insurer who may or may not continue to write workers' compensation coverage, and who may or may not charge a reasonable price, the Fund will continue to provide member workers' compensation coverage at a cost that is directly related to actual losses and expenses.
Lower operating costs
Conventional insurance carriers typically allow between 30 and 40 percent of the premium dollar for administrative costs. The total cost of the Fund for administration is 30 percent or less.
Any funds not needed for losses and expenses remain in the Fund's investment account. The excess funds may be returned to members upon state approval or retained as a reserve to help further reduce future premiums. Either way, the Fund results in direct savings to members.
Due to the long term nature of certain workers' compensation claims, substantial reserve must be accrued. These reserves and the premium deposits are invested; the investment income further reduces the program costs.
How it works:
The Kansas Employers Workers' Compensation Fund, administered by Midlands Claim Administrators/American Agency System, Inc., is a joint self-insured plan, designed to lower and stabilize members' workers' compensation costs and to assure that members have a source of coverage available. The program is state regulator approved and is for eligible members of the Wichita Metro Chamber of Commerce and members of the Kansas Chamber of Commerce.
Contact the Midlands Claim Administrators representative at 888-799-5712 to determine your eligibility for this Chamber opportunity or for more information about the fund.