Do you feel like you could get a better insurance premium for your company, but aren’t sure where to look? Have you ever considered group captive insurance? A group captive is an insurance company that is owned by its policyholders. With group captives there is more emphasis on risk control and loss prevention practices. They are usually designed to cover expected losses in terms of general liability and workers compensation. If you are tired of paying high premiums for insurance, the first benefit of captive insurance services is lower premiums.
The cost of claims, profit of future investment, and overhead are just a few of the factors that commercial insurance companies base their premiums off of. An owner of a captive insurance plan can bypass expenses such as these and use it as a great opportunity for investment. With captive insurance, you can use more precise data to find out a more realistic and lower premium for your company.
More Risk Coverage
There may be certain risks that a commercial insurance company is unwilling to cover. If you are covering your own risks, you can provide coverage for risks that commercial companies would not. You can achieve this through an investment fund that you create for insurable risks. At the end of the year, if there are fewer claims than you expected, the money in that fund will be profit for your business.
Would you like to learn more about captive insurance services for your business? Visit CaptiveResources.com today to inquire about captive consulting services and learn best practices for group captive insurance.