Choosing a Captive Program for Your Business

captive insurance program

There are many ways that businesses can format their insurance programs to serve their best interests. A captive insurance program is a popular option because of its numerous benefits. Because of this, the first step should be to communicate with a broker that can create a plan to fit your business’s needs and discuss perks such as the following:

  • Possible involvement in the underwriting process
  • Program flexibility
  • Lower insurance costs
  • More control
  • Access to reinsurance market
  • Increased likelihood of insuring more difficult conditions
  • Plans tailored to the needs of the business
  • Increase in cash flow

Types of Captive Programs

If you’ve decided that a captive insurance program will be the best choice for your company, you may still need to decide among several options. Depending on your company, you may need to consider the following types of variations within the program:

  • Rent-a-captive
  • Protected cell captive
  • Agency captive
  • Association captive
  • Pure Captive
  • Risk retention group

There’s no need to settle for a traditional plan that does not meet the needs of your company and leaves you with little-to-no control over factors such as pricing and contract terms. You can feel confident in the shift, especially if management and support services are offered to keep you on track. Discover the incentives of choosing a captive program over a traditional one by speaking to a sales professional or underwriter today.