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Captive and Self-Insurance Options for Businesses

As an alternative to going through a traditional third-party insurance provider, businesses may opt to fund their own insurance plan through a form of captive insurance or self-insurance. The team at Navigator Risk Management has many years of experience directing organizations towards their best option when it comes to choosing insurance. If your company is interested in learning more about self-insurance options, contact us to schedule a consultation.

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What Are the Benefits of Self-Insurance?

Depending on the size of your business, putting money aside to cover financial risks such as workers’ compensation claims can be to your advantage instead of relying on a third-party insurer. A self-insurance plan can provide more flexibility and coverage that a commercial partner can’t offer. Other benefits of self-insurance include:

  • More control over insurance funds
  • Reduces the costs of expensive premiums
  • Increases responsibility and raises awareness of potential risks
  • Long-term management of funding rather than renewing policies yearly

Understand What Insuring Yourself Means

The flexibility and financial control over an organization’s insurance policies can be enticing. However, a company must understand its exposure and risks before jumping into a self-insured policy. If a business does not have a clear understanding of its risk potential, it can end up not having enough funds to cover claims. With risk management assessment services at Navigator Risk Management, we can thoroughly examine your organization, uncover areas where you’re vulnerable, and offer suggestions on minimizing your risk and saving money in the long run. With our help, you can reduce potential costs and have a clear understanding of your company’s needs for a self-insurance or captive policy.

Discuss a Self-Insurance Policy With Our Experts

Budgeting and saving take careful planning and consideration to ensure goals can be met when the time comes. At Navigator Risk Management, we use our years of experience to help businesses manage risk and reduce their exposure to liability and insurance claims. If you’re wondering if funding your own commercial insurance is more to your advantage than going through an insurance partner, contact our team to schedule a consultation. We’ll examine your operations together so you can make an informed decision.

Contact Your Risk Specialist for More Information