Captive insurance is a type of insurance that offers protection to the business world. This business oriented insurance can be set up to protect just about any business from potential risk. Captive manager is not exclusive to one form of business but offers multiple policies.
Some of the forms of captive insurance out there include: single parent captive, agency captive, group or associative captive, and more. The most used type of captive is the single parent captive. Each captive is extremely flexible and varies based on the needs of a specific business. There might be many risks in your business and consulting with a captive insurance manager is a great start to identify them all. Once all risks are identified your captive insurance manager will be able to set up a captive plan that caters specifically to your business’s security.
Captive manager can be much more useful for many businesses and industries than traditional insurance types. Captives tend to be much cheaper to maintain than other kinds of business insurance. Furthermore, unlike standard insurance coverage, captives help to protect buyers from unneeded coverage. A captive manger will help business owners to set up a plan that is solely based on need. This is a big part of the reason that businesses are turning to captive coverage as a part of their risk management needs.
Some businesses find that obtaining traditional types of insurance is very difficult when compared to captive insurance. This is due in part to the extremely high premiums of traditional risk insurance. Other troubles with standard business insurance are that the standards for acceptance have become extremely high, making it difficult for many business to even qualify for a policy. Some businesses have risks that are so unusual; no traditional insurance company offers coverage for these risks.
Claims are another reason that company managers are looking to captives. Captive insurance provides exceptional claim service. This is because of the fact that this type of insurance is normally in house. Claims are processed rapidly thanks to lack of extra requirements that in house operations provide.
No matter what insurance your business requires captive can give you the protection you need. Because of this, insurance costs are much lower, and operations run a lot easier. The tailor made style of a captive also helps to provide unique businesses with exactly the type of risk protection required to operate within their industry.