A Captive Insurance Company Can Save Your Company A Lot Of Money
A Captive Insurance Company Can Save Your Company A Lot Of Money
More and more businesses are turning to captive insurance companies; some of the businesses that are switching are: professional services, retail, transport, construction, engineering, healthcare, hospitality and real estate development. This ever growing list is becoming more evident and giving hope to cash strapped companies. Speaking with a captive insurance manager will help you to understand how your thriving business can be the primary risk management and planning tool.
Today is a record low in the economy and it seems there is no end in sight for the moment; your company should consider forming their own captive to save on insurance costs. You would be able to save a lot of money for the company by lowering insurance costs. However, the most important concept of becoming a captive insurer is that you would have greater control over your company's insurance claims. Even if you own the company, you could also be the company's captive insurance manager yourself; this could mean much lower rates and profit for you in the long run.
Insurance companies offer many different choices for packages that they can give to your company. They are issued on a package basis whether you need all or part of them or not. This can add up by the time that you have finally found everything that your company needs. Captive insurance only gives you you what you need and nothing additional. So, basically, the costs will be more effective and based purely on "need" not greed.
Captive insurance companies are growing and growing these days. If you are in a middle tier business you can now become a captive for your own company. It is a wonderful alternative risk strategy that over time will save your company a lot of money. Most of the time you can become the captive insurer for your own company and cover claims up to $250,000 dollars.
If the claim is more than that, you will probably have to go through an outside source, such as a fronting company in order to be able to handle a claim of higher magnitude. Some states may require a licensed agency to issue an insurance policy, whereas others only need the captive insurance to issue. Here is where a fronting company will come in handy. When you have a captive for your company you will gain the privilege of being able to issue policies, collect premiums and settle the claims. How To Get The Best Online Deals? Insure your Wedding in good time! Segregated Funds: Canada's Unique Insurance Option Keeping your claim coverage "in-tact" after a storm How To Find The Cheapest Insurance Company Your Step By Step Guide To Getting A Great Deal On Motorcycle Insurance What's Affecting The Rates You Pay On Motorbike Insurance? The Uninsured American Should I Get Insurance For My Courier Shipment You Can Get Insurance Without License Are You protected With California Business Insurance? Is Your Insurance Company Going Out of Business? Commercial Trucking Insurance Is For Your Protection