Results for tag: "Self Insurance"

Self-insurance is a risk management strategy in which an individual or organization assumes the financial responsibility for losses and damages that may occur. It is an alternative to traditional insurance, where the risk is transferred to an insurance company. Self-insurance involves setting aside funds to cover potential losses, and can be used to cover a variety of risks, such as property damage, medical expenses, and liability claims. Self-insurance can be beneficial for individuals and organizations, as it allows them to retain control over their risk management and to avoid the costs associated with traditional insurance. It also allows them to customize their coverage to meet their specific needs. However, self-insurance can be risky, as it requires the individual or organization to have sufficient funds to cover potential losses. Some companies in the self-insurance market include Aetna, Cigna, UnitedHealth Group, and Humana. Show Less Read more