Captive insurance has been an available option for some time but has been gaining in popularity in recent years. A large percentage of corporations seem to favor it because of its benefits, but if you’re in the market for insurance, you may be wondering if captives insurance is a good fit for your company. Understanding the primary reasons why corporations, large and small, end up favoring it, can help you find the right plan.
Having captive insurance has many benefits over other coverage options. Many find it appealing because of the following reasons
- It gives companies more control over policies.
- It allows more program flexibility
- Tends to cost less
While captive insurance is known for being able to meet the needs of these high-risk situations, they can also offer many standard coverages that businesses need.
Filling in the Gaps
One of the greatest advantages of captive insurance is that it can cover even more challenging risks than traditional options. Some of these include:
- Employee benefit risks
- Equipment maintenance warranty
- Credit risks
Speaking to a qualified sales professional or underwriter is a good first step to discovering the advantages of utilizing a captives program. Ideally, you will be able to work closely with these professionals to find out the best options as well as receive ongoing support to help manage your program.