Oklahoma small businesses have fewer carrier choices than you think.
Insights from David Harder, President · Published
“In Oklahoma they've got limited carriers. We've got four carriers really when it boils down to it, and two of them you will not want to work with, because those carriers are searching for large employer groups, not small and medium size.”David Harder, President · Spirit Insurance Group
Why it matters for a small or midsize employer
Some carriers price for large employers. For smaller groups, their rates can be far higher, and many of their plans are self-insured or level-funded rather than fully insured.
Fully insured vs. level-funded vs. self-insured
- Fully insured: you pay a set premium; the carrier carries the claims risk.
- Level-funded: fixed monthly payments, but the plan is partly self-funded, with stop-loss protection and possible year-end settlement.
- Self-insured: the employer pays claims directly, usually with stop-loss insurance.
Knowing which type you are being quoted is as important as the price.
Educational information, not a recommendation for a particular plan or carrier.
