The recent rise in alternative risk programs has helped many businesses reclaim their financial future, and transportation insurance has long been at the forefront of this movement. They offer several captive solutions that cover a variety of businesses and risks. However, before you consider pursuing a captive solution, you should decide if it’s right for your business.
Factors to Consider
As a captive insurance company, Caitlin Morgan Insurance Services offers its clients coverage that is unavailable to them in normal insurance markets because of their increased risk. A captive solution may be just what your business needs if it’s affected by:
- Inadequate credit for deductibles
- Problems getting coverage for specific types of risk
- Discrepancies in international insurance coverage
- Inordinately high premiums in most lines of insurance coverage
- Credit rating structures that don’t reflect individual loss experience
Evaluate Your Business
If you determine that your business would benefit from a captive solution, it’s time to take action and begin researching the different options available. You can decide to tackle the insurance world on your own, or you can partner with insurance representatives and benefit from the knowledge and experience they bring to the table. Whatever route you decide, make sure that your keep your business’s needs in mind when selecting coverage because a captive solution that doesn’t fit your business will do little good in the long run.