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During the early 1900s, state legislatures throughout the Untied States recognized the need for a system of workers compensation insurance. The Industrial Revolution had dramatically increased the number and severity of work-related injuries. In 1917, the Utah Legislature passed the Workers Compensation Act, requiring all employees to obtain workers' compensation insurance coverage.
Sandy-based Workers Compensation Fund (WCF) was created to provide competitively-priced insurance to Utah employees. A formal organizational study of WCF in 1987 recommended establishing the organization as a quasi-public corporation with a Board of Directors appointed by the governor. Over the years, the issue of WCF's ownership was disputed, but a 2004 Supreme Court ruling settled the matter once and for all. The ruling stated that the state of Utah had no ownership other than as a policyholder.
Today, WCF insures about half of all Utah employers. Companies of all sizes and industries rely on WCF for workers compensation coverage. WCF's longevity and financial strength are important factors to employers when they select a carrier. WCF provides many services to reduce and control costs and respond to customers in a timely fashion. Special investigations, utilization review, medical case management, and vocational rehabilitation are now within the WCF's portfolio of services.
Peggy Larsen, senior vice president of marketing at WCF, says the organization distinguishes itself by offering low rates and providing excellent service to policyholders. WCF policyholders have access to safety consultants, online resources and managed care programs that provide medical savings. WCF recently relocated to a new corporate facility in Sandy designed with advanced environmental and operational efficiencies. This new facility will ensure continued operation in the event of a disaster.
For Zions Bank, I'm Rob Brough. I'm speaking on business.
