Purchasing an insurance plan is a way to protect your company from the risks and exposures your operations present. Plans are often able to provide financial resources that address claims or lawsuits against a company whether they concern employee injury, vehicle accidents, equipment malfunction, or contract errors. However, there are some companies that may not be able to afford traditional coverage or there isn’t a carrier for their unique situation.
When a traditional insurance plan isn’t available, companies can look to captive insurance solutions for help. According to the information found at www.caitlin-morgan.com, captive insurance usually provides the same coverage options as a commercial company but with more affordability and increased application to unique risks.
Because captive insurers are parent groups of insurers offering coverage for the members of the group there are extended benefits of enrollment. It offers direct access to the reinsurance makers, it can reduce costs, it can insure difficult or unique risks, and it can improve a company’s cash flow. This has become a popular but highly practical form of risk management that offers significant financial benefits to the company.
If your business has been struggling to find affordable insurance coverage, you may want to consider an alternative. Captive insurance is a highly recommended opportunity for quality coverage.