The Comprehensive Guide to the State Insurance Fund of Idaho

The State Insurance Fund of Idaho (SIF) is an independent public agency providing worker’s compensation insurance to Idaho employers. SIF has been insuring Idaho businesses and workers for over 100 years and currently covers over 33,000 Idaho companies.

Overview of SIF

• SIF is the guaranteed market for worker’s compensation insurance in Idaho. This means any Idaho employer can obtain coverage through SIF, even if they are rejected by private insurers.

• SIF only offers worker’s compensation insurance in Idaho. They do not provide any other insurance products.

• SIF is self-funded through the premiums collected from insured employers. They do not receive tax dollars or funds from the general state budget.

• SIF is governed by a 5-member Board of Directors appointed by the Governor. The Directors are responsible for oversight of SIF’s operations.

• SIF has around 240 employees located across Idaho. Their headquarters are in Boise.

SIF’s Policyholders

SIF insures all types of Idaho employers:

• Small, medium and large businesses

• Farms

• Municipalities

• School Districts

• Idaho State Agencies – SIF covers 115 state entities

Some key stats on SIF’s policyholders:

• 33,000+ active policies

• They partner with 1,500+ insurance agents statewide

• Key industries insured include construction, manufacturing, agriculture, and retail

SIF aims to provide excellent customer service to Idaho employers. They have multiple ways to get quotes and apply for coverage:

• Online through their website

• Contacting an independent insurance agent

• Calling SIF’s customer service line

SIF’s Core Services

SIF provides the full suite of services related to managing worker’s compensation insurance in Idaho:

1. Workplace Safety

• On-site safety consultations for policyholders

• Industry-specific online safety training through the Zywave platform

• Safety videos and resources covering workplace hazards

• Over 2,400 on-site safety visits conducted annually

2. Claims Management

• Investigation and adjudication of injury claims

• Claims adjusters based in Idaho

• Nurse case managers to oversee treatment plans

• Return-to-work coordination with employers

• Over $100 million in total claims payments annually

3. Medical Provider Network

SIF partners with Optum and Paradigm to provide injured workers with quality medical treatment:

• Extensive network of physicians, physical therapists, and other providers

• Reduced rates negotiated with network providers

• On-site clinical services through Idaho Occupational Medicine

• Telehealth options through St. Luke’s On-Demand Care

4. Policyholder Education

• Online portal with resources for handling claims

• Dedicated account managers for larger employers

• Seminars and webinars on safety and claims topics

SIF’s Plan to Control Rising Workers’ Comp Rates

Worker’s compensation rates have been increasing nationally at an average of 5-10% annually. This has placed cost pressure on Idaho employers.

SIF has implemented several initiatives to try and curb rate increases:

• Preferred provider network – Established a statewide network of approved medical providers that SIF steers injured workers towards. This allows SIF to negotiate better rates.

• Improved return-to-work practices – Work closely with treating physicians to release injured staff back to light or modified duty as quickly as medically appropriate. Avoid unnecessarily long periods away from work.

• Safety-as-a-Service – Proactively work with policyholders on safety activities and training to prevent workplace accidents and injuries.

• Lower-cost drug formulary – Partnered with Optum to establish a formulary of approved prescription medications and compounds. Reduces pharmacy costs on claims.

• In-house nurse case managers – Leverage SIF’s own nurse case managers to better manage treatment plans instead of contracting this out to third parties.

So far these initiatives have helped moderate rate increases for SIF policyholders. SIF increased rates by only +3.5% in 2022 compared to a national average of +7.5% for worker’s compensation.