Volume 1, Number 1
State Fund Insures Safe Work Places
By Tina Hansen
As an employer, there is no limit to the things you worry about and an injured employee is one of the worst things you have to deal with as it can affect your production schedule, customers, bottom line, and the effects of having an injured employee can permeate through your staff and organization.
Hacienda's State Compensation Insurance Fund (State Fund) is California’s largest provider of workers’ compensation insurance and their main goal is to make the workplace safe and restore injured workers.
According to the California Workers’ Compensation Institute (CWCI), in the Bay Area, despite having some of the highest wages in the state, which tends to push up average indemnity payments, total benefits per claim paid to residents were consistently lower than in the rest of the state with a lower workers’ compensation claim volume.
Established in 1914 by the state legislature, State Fund has operated for more than 100 years and has become California’s largest provider of workers’ compensation insurance, which is a vital asset to Pleasanton and Hacienda businesses. The company supports California’s entrepreneurial spirit and plays a stabilizing role in the economy by providing fairly priced workers’ compensation insurance.
State Fund, serving all California businesses from the smallest start-up to the largest operations, has become a model for the industry and other states by stressing stability, offering coverage at reasonable cost, and providing required benefits promptly and fairly.
Per California law, all employers must provide workers’ compensation benefits to their employees under California Labor Code Section 3700. If a business employs one or more employees, it must also satisfy the requirement of the law.
State Fund appointed its current President and CEO Vernon Steiner, in May 27, 2014. Steiner sits on many boards, and has been on the California Workers’ Compensation Institute board of director since 2011 and was elected Chairman of the Board of Directors in 2014. Steiner is a seasoned insurance executive with 24 years of industry experience, the majority in workers’ compensation. Since 2009, Steiner has also served on the Workers’ Compensation Research Institute’s (WCRI) advisory board.
Organizationally, State Fund's accomplishments have not gone unrecognized. Among the many awards State Fund has received over the years, in December they were awarded with Supplier Diversity Champion for 2016.
“Year after year, State Fund has demonstrated the organization’s dedication to increasing procurement with diverse suppliers,” said California Insurance Commissioner Dave Jones.
“State Fund reported an estimated $27 million spend with diverse suppliers in California, as well as hosting internal supplier diversity events and planning to roll out a tier two diversity program next year,” he added.
The Supplier Diversity Program that State Fund established in 2013 ensures equal opportunities for local and state businesses owned by minorities, women, and disabled veterans.
Not only do they strongly advocate for diverse suppliers and provide equal employment opportunities for persons with disabilities, part of their mission is to be active members of the community so they created their Social Responsibility program that celebrates, joins and coordinates various events throughout the year.
For information about State Fund, please visit their website www.statefundca.com.