For many companies, utilizing captive insurance can be beneficial. Captive risk management can provide many financial and risk management benefits to companies of all sizes.
What is Captive Insurance?
Utilizing captive insurance involves obtaining insurance from a company that is wholly owned by those that it insures. This gives the insured company greater control over their coverage.
How Can Captive Insurance Help With Risk Management?
Captive insurance can assist with risk management by providing customized insurance plans for a company’s specific risks. Because the company being insured controls the insurance provider, they can guarantee that their plan will cover their unique risks with the lowest out of pocket costs.
How Can Captive Insurance Help With My Finances?
As outlined above, captive insurance helps companies save money by providing coverage for what they do need while not charging more for what they do not. Captive risk management ensures that all risks are covered in the event that something goes wrong–in these cases, the company suffers fewer losses than if they were using insurance that did not provide custom coverage.
Captive insurance can be beneficial for companies in many ways. From providing better risk coverage to saving you money, utilizing captive insurance can help you company continues to grow and succeed.