In today’s competitive world, businesses may find it difficult to have more coming into the bank than going out. The owners and financial executives of the business will have to search out new ways to compete and to increase profits while reducing costs. Finding the solutions that will fit the needs of the business can be a difficult and risky process. Using Captive Solutions to manage risk and to finance those risks is one of the first places to start.
Captive Solutions provide insurance options to businesses who would otherwise not be able to acquire that coverage from traditional insurance routes. Captives offer the policy holders financial solutions, reducing a variety of costs and turning more control of the insurance details to the policy holder.
A variety of Captive Solutions are available. Risk retention groups offer liability coverage through a cooperative group of similar businesses. Single parent and multiple parent captives are for subsidiaries of one or more parent companies. An association captive links several businesses that are able to gain insurance in a group who would not be able to have insurance individually. Agency captives are solutions for agents or brokers who are interested in new levels of control of their business. Protected cell captives and rent-a-captive solutions are available to businesses when they are needed, as well as limited liability captives.
The availability of a captive insurance solution may be just the thing to establish a secure footing for a business struggling to find a toehold.