Self-Insurance Podcast with Kaya Stanley
Gain practical insights for safeguarding your restaurant's financial health and profitability on the Self Insurance Podcast. Hosted by Kaya Stanley, seasoned attorney and CEO of CRMBC, this series features insightful discussions with industry leaders and experienced operators.
Learn how to navigate work comp challenges, optimize insurance strategies, and implement best practices from top performers and advisors in the restaurant industry.
Success leaves clues, and this podcast is designed to uncover them for you.
Self-Insurance Podcast with Kaya Stanley
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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