Comparing Traditional Insurance and Self-Insured Groups with Mike McDonough

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

• 0:00 Introduction
• 0:54 Traditional vs. Self-Insured Workers' Comp
• 1:52 The Importance of Reporting Injuries
• 2:19 Real-Life Example: Handling an Injury Claim
• 3:29 Communication and Cost Management
• 6:30 Legal Representation in Self-Insurance
• 9:17 The Role of Employee Handbooks
• 12:14 Conclusion and Final Thoughts