No matter what specialist covers you have bought into from your standard short term insurance service provider, you always seem to find that you are coming up short. Because it is deemed that the risks have become greater and more claims have been submitted, along with the usual blurbs to do with increased operating costs, your insurance underwriters generally have no hesitation in submitting that letter that you can expect an increase in premiums by the time your policy is up for renewal.
So much for a happy anniversary, and you did not submit any hefty claim requests into the bargain. It is not so much that you had a few lucky breaks in the past year of business. it’s just that you did everything possible from a risk management point of view to ensure that your business does not suffer. Less care and housekeeping around the business certainly does leave you over-exposed to more risk.
But with risk, particularly when you have taken every precaution possible, there should come reward. Captive insurance industry business certainly opens up that possibility for you. It is an alternative piece of business that you should sink your teeth into if you wish to free yourself from having to be vulnerable and responsible for other claimants. The captive insurance markets provide you with the opportunity of becoming more independent and self-sufficient in the way you manage your risks and save costs to the business.
But you will agree that it is a complex piece of business. It cannot be managed by one single business owner. And that much is true. In the captive insurance contract, you are armed to the teeth with risk management, underwriting, legal, financial services, as well as investment advice.