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The State Compensation Insurance Fund, or SCIF, exclusively writes workers' comp insurance in California. They are a competitive state fund, which means their rates can vary significantly. SCIF offers competitive rates for companies with good claims experience and low risk class codes. They also serve as the state's carrier of last resort for employers who have had higher than average claims or a high experience modification rate. The California State Fund currently writes over 100,000 policies in the state.
When a business is unable to get quotes from 3 or more carriers in California, State Compensation Insurance Fund is required by state regulations to provide access to coverage. The cost of coverage may be significantly higher than a private insurance company.
We compare rates from 25 workers comp companies in California. SCIF has over $1 billion in premium and nearly $21 billion in assets.
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SCIF is a California insurance carrier. They are a competitive State Fund carrier. State Compensation Insurance Fund is an A-Rated insurance company and writes every class of business. They offer:
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888-782-8338
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P.O. Box 8192San Francisco, CA 94588
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California is one of the few states that does not utilize NCCI for the administration of the state's workers comp system. The Workers' Compensation Insurance Rating Bureau of California operates the states program instead. Most other states do not administer their own workers' comp programs.
State Compensation Insurance Fund was formed by the state senate in 1914. They are a non-profit organization that is self-supporting based on insurance premium reserves. They are bound by state laws but operate as a quasi government entity. They are headquartered in San Francisco, but have regional offices throughout the state.
SCIF is a competitive state fund. They have lower rates for desirable businesses and class codes. They also have much higher rates for high-risk industries and class codes written as the administer of California's Assigned Risk Program.
A business can choose to work with a licensed insurance agent appointed with SCIF or they can choose to purchase coverage directly. SCIF will not provide quotes from other insurance companies so employers will benefit more from working with an agency willing to shop multiple companies for the best rates. Employers would need to provide information about their bsuiness, including their estimated annual payroll and employee classification codes.
While SCIF does have very competitive work comp rates for target class codes, there are other excellent workers comp options. Most insurance companies offer coverage with low rates and bigger discounts on premium. A good insurance agent negotiates rates with more carriers to ensure you get the best deal each year.
Any business that hires even a single employee in California is required to purchase a policy. The definition of employee can even include individuals a business may believe are 1099 Employees. Most corporate officers must also be included in coverage unless they are the only shareholder and file the proper exclusion documents with the insurance company. Their are over 500,000 claims in California each year.
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