Top 5 Benefits of Captive Insurance

Top 5 Benefits of Captive Insurance

In the United States, there are about 6,800 licensed captives.

If you’re interested in switching to captive insurance, you’re definitely not alone.

But what are the benefits of captive insurance? Keep reading to find out!

1. Gives You More Control

Another great thing about captive insurance is that will give you a lot more control. As the employer and the policy owner, you can make your health insurance match what the needs of your employees are based on your business’s common risks.

You can customize this insurance to cover exactly what people need, which makes sure that you aren’t paying for coverage that no one would need. You can also ensure that they get any medications they need that wouldn’t be available on any traditional insurance plan.

2. More Access

When you use captive insurance companies, you’ll also have more access to the coverage you need because you can tailor this policy.

In addition to tailoring what you need to be covered, you can also customize the conditions of the policy and other things that would normally be too expensive on the market. This way you make sure everything your employees need they have access to.

3. Control Over the Claims

When people submit insurance claims, you’ll also have control over that. When you work with a traditional insurance company, they will take control of the claim process.

This can lead to some bad experiences, but with captive insurance, you can take consideration into your specific business and how you prefer to handle claims. You can even handle them in your company or outsource them to a different company.

4. More Stability

You’ll also have more stability with a captive plan. When you work with your employees on what they need to be covered, you may even be able to find discounts with a group plan.

If you have diversity in what your employees need, then the information and plans will stay more stable as time goes on as well. As you get more comfortable with what you need, your rates will be more stable each year, and you won’t have to raise the price of insurance.

5. Tax Savings

Another way this captive insurance can help you save money is to give you some tax savings. You’ll have a tax-deductible that you’ll be able to write off as a necessary business expense.

In some cases, you can deduct up to millions each year, depending on the insurance you have and how big your business is.

Discover More of the Best Benefits of Captive Insurance

These are only a few of the benefits of captive insurance, but there are many more that you can enjoy.

We know that running your business and picking a type of insurance can be stressful, but you don’t have to do it alone. We’re here to help guide you through the process!

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