Having Trouble Finding the Right Insurance?

In theory, business insurance should be easy to buy, since every company needs a variety of coverage options. That’s the issue, though. While it might be easy to find general liability, workers compensation, or commercial auto insurance, finding everything you need bundled into one policy is where the challenge lies. Every business model in each industry is different in its needs, because they each have a different risk profile. Even seemingly similar businesses like two corner grocery stores can have vastly different insurance needs if one only handles packaged food and the other has a meat counter and deli.

On top of the issues that this can bring for companies with conventional needs, those in niche industries often have even more difficulty, because many insurers don’t have people who have experience with customers like them, so anticipating their needs becomes harder for the insurance agent helping to set up a business policy. That’s where captive insurance companies come in. Captive companies are insurers owned by the businesses they cover, and captive consulting can help match you with other companies looking to invest in a service like this, so you can split the costs of startup and administration.

Captive insurance isn’t always the best option, and sometimes you can find an insurer with a firmly established niche right where your business needs them to be, but more often than not captive companies deliver more precise coverage at a lower cost than other insurers, and if they do make a profit, it just comes back tot he owner companies as dividends. That means you’ll never overpay for insurance, because you’ll have a mechanism for any over payment to find its way back to you. There’s no other insurance model that provides the kind of financial efficiency you will find in that arrangement.

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