in the US and some other countries, if a company self-insures, it keeps money specially to pay for any accidents to employees, harm caused to others etc, instead of buying insurance from an insurance company:
• Many small employers are looking to self-insure.
— self-insurance noun [uncountable] :
• Encouraging self-insurance would force companies to bear the actual costs of their health and safety practices.
— self-insurer noun [countable] :
• More employers are becoming self-insurers for health care.
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self-insurance UK US noun [U] INSURANCE
► a situation in which a person or company does not buy insurance against a particular risk: »
Insuring a £1,500 personal computer will cost you around £500. Saving that much in a self-insurance account would be better.
Financial and business terms. 2012.