The standard approach to insurance is not right for all businesses. Every organization faces unique risks that must be addressed through your plan. What’s more, your financial situation is going to be unique to the ebb and flow of your industry. This means you need to look at alternatives that can offer you the chance to get the most from your plan. A captive insurance program, for example, can provide you with some enticing advantages.
The Basics of Captive Insurance
Understanding how agency captive insurance works is the first step toward seeing if it is a sensible fit for your business. Essentially, the basics will remain the same as if you were working with a large commercial entity. Instead, the group that makes the important decisions for your insurance plan are those who have invested in the captive cell itself. This is a great way for you to retain better control over your budget when selecting insurance, keeping capital free for other tasks and objectives. Other benefits to a captive cell program can include:
- Insurance for projects consider uninsurable
- Flexibility on a number of essential fronts
- Profits from underwriting and investments
Assess Your Needs
Weighing out the pros and cons of every option available to you is going to go a long way when selecting insurance. If the traditional path doesn’t cover all your concerns, it may be wise to look at how alternatives like a cell captive can make a difference.