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Captive Insurance Management

A different approach to protecting your business.

Captive insurance has nothing to do with kidnapping. Rather, it’s a completely different way for a business to insure against risks. In effect, the business sets up a separate legal entity (a “captive insurance company”) that acts as the insurer itself, rather than taking out a policy with a traditional insurance company.

 

Common reasons for doing this include:

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  • Having greater control over insurance costs.

  • Covering risks that mainstream insurers don’t or won’t cover at a viable premium cost.

  • Removing the headaches of waiting for claims to be processed and the risk of payout disputes.

  • Possible tax advantages.

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Legally, the business itself will own and control the captive insurance company. In practice, it often makes sense to get outside experts to oversee the day-to-day management. This is partly to reduce the administration and bureaucracy involved and partly because managers can lend their insight on ways to improve the tax position and avoid any legal pitfalls.

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If you think captive insurance could work for your business, or would like to learn more about this type of commercial insurance, contact us today to discuss how we may be able to help.

This type of self-insurance is used to protect your business from risks and benefit from underwriting profits.

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Contact us for a free insurance quote now.
 

UNION BAY RISK ADVISORS LLC
805 Estelle Drive, Suite 102
Lancaster, PA 17601
Monday - Friday: 9:00 am - 5:00 pm
Fax: (717) 724-5555
Email: info@unionbayrisk.com
For Brookside Insurance customers click below:
Brookside Insurance
For Maple Insurance Group customers click below:
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Have a question? We are here to help.

Please visit our contact page and we will get back to you as quickly as possible.

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© 2022 Union Bay Risk Advisors LLC. All right reserved. Insurance coverage cannot be bound or changed via submission of any online form/application provided on this site. No binder, insurance policy, change, addition, and/or deletion to insurance coverage goes into effect unless and until confirmed directly by a licensed agent.

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