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Comparing Traditional Insurance and Self-Insured Groups with Mike McDonough
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In this episode of the Self Insurance Podcast, Kaya welcomes Mike McDonough, broker-owner of McDonough Insurance Services, to explore the major differences between traditional workers' compensation and self-insured groups. Mike, an industry expert with over 30 years of experience, explores how self-insurance encourages immediate injury reporting, reduces costs, and ensures better care for injured workers. They also discuss the importance of employee handbooks in mitigating workers' comp claims and overall business liability.
00:00 Introduction
00:54 Traditional vs. Self-Insured Workers' Comp
01:52 The Importance of Reporting Injuries
02:19 Real-Life Example: Handling an Injury Claim
03:29 Communication and Cost Management
06:30 Legal Representation in Self-Insurance
09:17 The Role of Employee Handbooks
12:14 Conclusion and Final Thoughts
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Chapters
1. Introduction (00:00:00)
2. Traditional vs. Self-Insured Workers' Comp (00:00:54)
3. The Importance of Reporting Injuries (00:01:52)
4. Real-Life Example: Handling an Injury Claim (00:02:19)
5. Communication and Cost Management (00:03:29)
6. Legal Representation in Self-Insurance (00:06:30)
7. The Role of Employee Handbooks (00:09:17)
8. Conclusion and Final Thoughts (00:12:14)
23 episodes
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