Captive insurance is a kind of insurance that provides protection to the business world. This type of insurance is specifically for businesses and works in a variety of ways dependent upon the business owner's interest. There are many different varieties of captive insurance.
Single parent captive, associative captive, and rent-a-captive are some of the many types of captive insurance coverage around. Single parent coverage is by far the most prevalent type of captive coverage utilized today. There is a lot of variation in the different types of captives that are out there. There might be many risks in your business and talking with a captive insurance manager is a great start to identify them all. Talking with a trained captive insurance manager will give the best insight into what is needed to protect your business from risks.
When it comes to business insurance plans there is plenty of great reasons to select a captive program over all others. A large factor in selecting captives is their overall affordability combined with their amazing flexibility. Not only will captive insurance protect your business from its own risks but it will save you from unnecessary coverage and policies as well. A captive insurer will help business owners to set up a plan that is solely based on need. This is a major part of the reason that businesses are turning to captive coverage as a part of their risk management needs.
Many businesses find that obtaining traditional types of insurance is very difficult when compared to captive insurance. Traditional business insurance often requires extremely costly premiums. Other problems with standard business insurance are that the standards for approval 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 provides coverage for these risks.
Making claims with your insurance provider is considered to be very simple and hassle free with captive policies. Captive insurance claim services are known to be some of the best available. This is due to 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 offer.
No matter what insurance your operation requires captive can give you the protection you need. With this kind of protection your business can be run smoother with less costs eating up your budget. The tailor fit style of a captive also helps to provide unique businesses with exactly the type of risk protection required to operate within their industry.