The Home Improvement Self-Insurance Group, Inc. (HISIG)
is a non-profit mutual benefit corporation owned by a variety of California home improvement, hardware, lumber, garden, flooring retail establishments, and paint and wallpaper stores who have come together for the sole purpose of self-insuring their workers' compensation coverage, and reducing their exposures and costs in this area. HISIG is a cost effective and comprehensive means to control losses and reduce the costs associated with workers'
compensation claims.
The concept of self-insuring is relatively simple. Members pay a contribution (referred to as a premium in commercial insurance) to the self-insurance group which is conservatively invested and tracked by policy year. The self-insurance group pays each policy year's expenses (claims, administrative expenses, etc.) from the funds collected and retains any surplus from contributions and investments as retained earnings for those members who participated in that year.
California Insurer Expenses Rising
HISIG Safety Newsletter - Issue 6
