Meaning of “self-insure” in the English Dictionary

"self-insure" in Business English

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self-insureverb [ I or T ]

uk us INSURANCE

to not buy insurance against a particular risk:

Last year, the company decided to self-insure, covering its 150 employees' health bills itself.
self-insurer
noun [ C ]

The changes increased the obligation of self-insurers to make improvements in occupational health and safety.

(Definition of “self-insure” from the Cambridge Business English Dictionary © Cambridge University Press)