In today’s fast-paced environment, we’re all looking for ways to find more value at less cost. Business owners are exploring new methods of extending revenue dollars by identifying more efficient business practices.
One of a business’ largest expenses is insurance premiums. Whether that insurance comes in the form of property, liability, workers’ compensation or cyber insurance, a business owner needs the peace of mind of knowing that the unexpected won’t stop their business from moving forward.
Every business has risk and the potential for loss. Insurance covers those risks. If a business suffers a loss, insurance provides the funds to help the business recover. However, what if the business has no loss? In that case, the premiums that have been paid to the insurance company remain with the company as underwriting profit.
Imagine how much better it would be if your business, instead of the insurance company, could have kept those underwriting profits.
This could happen if you add a captive insurance company to your risk management strategy (learn more about that here).
Today, more than ever, it is important to have a well-designed, risk management strategy to support your business. A captive insurance company is a more efficient method of managing your business risk. And, as an additional benefit, underwriting profits remain with the captive, instead of with a commercial insurance company.
RMC Group can help a business owner decide whether a captive insurance company is an appropriate risk management strategy for the business. Captive insurance is not for everyone. The first step in determining whether a captive is a good fit for your business is for RMC Group to perform a free risk analysis and review. This review will educate the business owners and other stakeholders on what risk management tools the business currently has, give valuable insight on how to improve the business’ risk management strategy and recommend changes to the business’ current risk management strategy.
To get started, contact RMC at 239-298-8210 or [email protected]. Once we have copies of your commercial property and casualty insurance policies, as well as the summary plan documents for your existing employee medical plan, we can produce a risk analysis for your business. Don’t wait. Let’s get started today!
