The Compliance Advantage of ISCC’s Self-Insured Workers’ Comp Program

As an independent school or cultural institution, maintaining compliance with ever-changing workers’ compensation laws and regulations can be a daunting task. Staying up-to-date with reporting requirements, workplace safety standards, and claims management procedures requires dedicated resources and expertise.

Being part of a self-insured workers’ compensation group like the Independent Schools Compensation Corporation (ISCC) provides a major advantage. By pooling resources, ISCC and FutureComp Service Team take on the regulatory compliance burden so member institutions can focus on their core missions.

The Compliance Challenge

Self-insuring for workers’ compensation provides cost advantages, but also comes with heightened compliance responsibilities compared to purchasing traditional insurance. A recent study found that self-insured employers face nearly 600 discrete reporting requirements across all regulations. Failing to meet these can result in penalties, fines, and potential loss of self-insurance privileges.

For independent schools and organizations operating in multiple states, maintaining compliance is even more complex and resource-intensive. Staffing an in-house team with the required expertise is often impractical for smaller institutions.

ISCC’s Regulatory Compliance Solution

By joining ISCC’s self-insured workers’ compensation program, regulatory compliance becomes one less burden your institution has to manage. ISCC and FutureComp Service Team provides turnkey support:

– Regulatory monitoring across all jurisdictions to track changes and updates
– Handling all required filings, reporting, and audits
– Ensuring adherence to workplace safety standards like OSHA
– Conducting thorough claims management and follow-up
– Establishing return-to-work programs to control claims costs

As one NCCI study indicated, self-insured groups like ISCC that utilize compliance service partners have lower loss ratios compared to individually self-insured companies. The partnership provides independent schools and cultural institutions expertise they likely couldn’t achieve cost-effectively alone.

With ISCC’s program, members get all benefits such as lower costs and customized risk management. But ISCC members also get peace of mind knowing regulatory compliance is being overseen by a specialized team solely focused on that critical aspect.

Contact the ISCC today to learn more about our group, safety culture, and winning track record.

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