Business owners are busy people but they are also effective and efficient people. So, how can we take advantage of opportunities for running our businesses better without committing more time than we have available? Hamilton Captive Management has developed a simple answer to that question through the use of an effective assessment tool to determine whether a captive insurance company is right for a given person’s business.
Captive insurance falls outside the scope of expertise of most business owners but it can be a powerful tool in building or enhancing their risk management programs. How can one be sure that forming a captive is right for their business?
We have given a lot of thought to that very question since nothing can be worse for any business owner that spending precious time investigating a program that is just not a fit for their organization.
To answer this question, we developed an assessment that helps us learn more about:
- Operating business
- Attitude toward risk
- Existing insurance programs
- Knowledge of insurance products including captive insurance
With this targeted list of questions, we can provide anyone with a quick and accurate read on whether they should devote time to exploring a captive for their business. After we receive the results, we can begin to pinpoint areas where a captive can significantly improve one’s risk management and help cut costs at the same time.
For example, a business owner may have historically carried commercial insurance coverage on equipment that they maintain meticulously and for which they have had no outages or lost time. This is a coverage that would fit well in a captive insurance company since they are managing the risk of this equipment well and can save outside cost while building profit in their own insurance company.
On another front, a business owner may be concerned about cyber risk but find commercial coverage either too costly or not effective to cover the perceived risks. This coverage can be written in a captive and can strengthen a risk management program immediately.
Our assessment tool is intended to save time while also helping people explore a powerful tool to protect your business, cut costs and build a new profit center.
We invite you to visit peterjstrauss.com and take our brief assessment—a clear gift to busy entrepreneurs!
Originally posted on ForbesBooks.com