In the modern business world, benefits are everything. Since health insurance is predominantly offered through jobs in nations like America, it falls on the employer to provide the best possible options to employees. Of course, it can also be financially taxing. To see success, you need to consider your options and determine how to provide for your team without breaking the bank along the way. One way to achieve this is with self-insured retention.
What Is SIR?
Self-Insured Retention, or SIR, is a practice where the employer assumes all of the financial risks that come with providing benefits to the staff. Specifically, it focuses on workers’ compensation. Should a member of the team get sick or become injured, the employer handles the financial side of things through the self-insurance program. Thousands of companies use this method and it can yield some positive results. Common benefits to using SIR include:
- Improved experience with claims
- Lower premiums without sacrificing quality
- A proactive approach to managing risks
Control Your Budget
The decision to go with a self-insured plan for retention can prove the opportunity to best control your budget. If you’re tired of wasting money with your current insurance carrier, now is the time for a change. Look into your options and see how you can start seeing the best possible results from your efforts.