Administaff, a provider of human resources services for small and medium-sized businesses, has renewed its program with ACE Group, a property and casualty company, to provide statutory workers’ compensation coverage for all its corporate and worksite employees effective 1 October 2010.
Under the terms of agreement, Administaff will continue to have financial exposure for the first $1m of claims per occurrence, which is consistent with the expiring contract.
In addition, Administaff will now have additional financial exposure for up to a maximum amount of $5m per policy year for claim amounts that exceed $1m and the renewed contract provides a $1.6m reduction in annual program costs paid to ACE.
Administaff president Richard Rawson said that effective management of the company’s workers’ compensation program has resulted in a low level of claims exceeding $1m per occurrence, and no claim exceeding $1.5m.