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A group captive insurance program is a type of self-insurance that allows businesses to pool their resources together to create their own insurange program. The group, or "captive," is typically made up of businesses in the same industry or geographic area that share similar risks. These businesses typically generate workers compensation, General Liability, and Auto liability premiums of over $350,000. While note required this premium is often required to relize all of the benefits of the Group Captive model. By pooling their resources together, the group is able to self insure losses up to a certain deductible, negotiate better reinsurance rates, and often secure better coverage than they would be able to individually.
There are several benefits of a group captive insurance program:
Cost savings: By pooling resources, businesses in a group captive are able to negotiate better rates and coverage than they would be able to individually. This can lead to significant cost savings for businesses.
Control of risk management: A group captive allows businesses to take control of their own risk management. Instead of relying on an insurance company to manage their risks, businesses in the captive are able to make decisions about how to best mitigate their risks and manage their insurance coverage.
More comprehensive coverage: A group captive may be able to provide coverage for risks that are not typically covered by traditional insurance.
Flexibility: Group captive insurance can be customized to meet the specific needs of the businesses in the group. This allows businesses to tailor their coverage to their unique risks and exposures
Stability: Group captive insurance can provide stable and predictable insurance costs, which can be beneficial for budgeting and forecasting.
Tax benefits: Some group captive insurance programs may offer tax benefits to the participating businesses.
It's important to note that group captive insurance may not be suitable for all businesses, and it's important to consider if it is the right fit for your organization. Consulting with an expert on our team is always recommended.
Our Team has extensive knowledge and experience in the field of Group Captive insurance.
From understanding the various types of risks that businesses in a particular industry may face to explaining the benefits and drawbacks of using a group captive insurance program we have you covered.
As part of our process we will guide you through the nuanaces of setting up and managing a group captive program, including the selection of insurance providers, risk management strategies, and compliance with regulations.
Additionally, we become part of your team by provide ongoing support and advice to ensure the program is successful in managing your risks and lowering your overall cost of insurance.
Gabe joined Guy Hurley in October of 2020 as Vice President where he provides insurance solutions for his clients in the Construction, Manufacturing, Trucking, and Entertainment Industries. Previously, he held various underwriting and...