Alternative forms of insurance have been around for many years, but have grown in popularity as businesses improve their ability to manage risk. Alternative risk programs offer companies the ability to take more control of the insurance process and in doing so, reduce insurance costs.
For those businesses seeking ways to manage risk and enhance investments, there are several “alternatives,” including risk-retention groups, self-insurance plans, and captive insurance programs for companies seeking options to traditional insurance. Seubert is experienced in all types of alternative risk programs and is particularly well versed in captives. We can help you determine if this is the right vehicle for your company.
Instead of paying premiums to large insurance carriers, captives are closely-held entities that pool money with other owners to buy insurance. Participating companies engage in specialized risk control and claims management, making them less apt to suffer losses. If they are successful in minimizing risk, less money is paid out and they keep the investment income earned on the pooled dollars.
Designed to give you better control of your insurance costs, a captive program can be a way to both protect your assets and increase your profitability. Like traditional insurance, captives can cover several types of risk, including liability, property damage, professional indemnity, and employee benefits.
Captives are not for everyone and work best with companies that are committed to taking steps to actively manage losses. With our experience and partnerships with some of the most reputable and experienced captive managers in the country, Seubert offers the guidance and resources you need to set up and run a captive.
We provide an in-depth knowledge of the rules and regulations governing these programs, along with recommendations for partners (captive management, actuarial, legal, CPA, domicile managers.) Our internal claims management team and risk management experts work hand-in-hand to help our clients reduce expenses through operational improvements designed for long-term success.
If you’re seeking an alternative solution, Seubert will assist you in understanding the opportunities and risks involved and determine if this type of program is a good fit for your company. For more information, contact us.