There are a lot of options out there for specialized business insurance today, which is a great thing for owners and managers because it makes finding the right policy much easier. There are still times when the available options just aren’t a good fit, though. Sometimes, it’s because a business model is so unique or an industry so new that their needs can’t be adequately met by an existing player in the market. Other times, it’s just cost-prohibitive to work with the ones who are out there. That’s when it’s time to look into captive insurance options that let you take control over your coverage and the costs associated with it.
What Is Captive Insurance?
Captive companies are those that are owned by the businesses they insure. It’s not quite self-insurance because you aren’t setting aside a bond to provide for your own needs in an emergency. Instead, you start an independent company that serves your business and usually that of a few partners with similar needs. Pooling resources make the venture less expensive and less risky for everyone involved, and the captive companies can be run near to cost because their goal is not to be profitable on their own but to provide a service for your core operation. Finding a partner isn’t always easy, but that’s why operators like Caitlin Morgan exist. They bring companies together and support their efforts as they establish captive companies.