Business owners are being educated and the results are evident: the Captive Insurance market is growing at a greater rate than ever before.
If you haven’t been briefed on this innovative option, you may be missing out on key advantages to merely paying a premium each year to a Commercial Insurance company.
There are many steps to understand and determine if a Captive option is good for your company – and that will not be addressed in this blog! For now, the goal is to merely pique your interest in some of the benefits of Captive Insurance companies. There are different types of Captives which we will not differentiate here but a snapshot of overall benefits include:
- Tax deductions of insurance premiums
- Improved cash flow and accumulation
- Control of risk management and claims
- Incentive to control risk and see results
- Improved results with claims handling and reporting
- Direct access to reinsurance (which is even more of a benefit at this point in time as there has never been a time when the market has had such capitalization and appetite = better costs)
- Ability to get coverage that is otherwise uninsurable in the standard market
It takes a significant investment of time and money to be able to entertain the idea of setting up a Captive Insurance company. That said, the results are evident: running a successful Captive will lower the total cost of risk and drive dollars to your bottom line and that is our goal at Deland, Gibson Insurance.
For more information please contact Chip Gibson at: cgibsonjr@delandgibson.com
