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Benefits of group captive insurance plan

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Many businesses are moving into alternative insurance plans such as Group Captive. These have become increasingly popular among companies in recent years.

Published in: Economy & Finance, Business
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Benefits of group captive insurance plan

  1. 1. Benefits of Group Captive Insurance PlanOf late, many businesses are moving into alternative insuranceplans such as Group Captive. These have become increasinglypopular among companies in recent years. The highlight of thisprogram is that two or more companies join hands to provideinsurance to their employees. You and many more join handsand own the company that insures you. It helps you fundworkers compensations, commercial liabilities, and otherdamages. It is a good idea for businesses that work in samedomain and are searching for alternatives to usual insuranceprograms.Traditionally, insurance premiums have been fluctuating often.Markets keep on changing trends and so do the premium costs.A group captive insurance program is comparatively stable. Itconsiders many factors while deciding premium rates. Themember companys loss history is also considered as a factor.The premiums paid to the captive are kept as reserves. Theclaims are disbursed through these funds. Email: jboerio@roundstoneinsurance.com Website: http://www.roundstoneinsurance.com
  2. 2. Benefits of Group Captive Insurance PlanTraditionally, insurance premiums have been fluctuating often.Markets keep on changing trends and so do the premium costs.A group captive insurance program is comparatively stable. Itconsiders many factors while deciding premium rates. Themember companys loss history is also considered as a factor.The premiums paid to the captive are kept as reserves. Theclaims are disbursed through these funds. Email: jboerio@roundstoneinsurance.com Website: http://www.roundstoneinsurance.com
  3. 3. Benefits of Group Captive Insurance PlanA group captive covers the risk of a number of people orbusinesses. Each insured owns equity in the group; hence theprofits and losses are borne by all. You can get insurancecoverage that may not be either available or affordable throughtraditional insurance packages. You have more control over thecompany and additionally, you get the benefits when the captiveis in profit. Unused premium amounts are returned to eachmember after the claims of a year are resolved. This improvesthe cash flow for the members. Email: jboerio@roundstoneinsurance.com Website: http://www.roundstoneinsurance.com
  4. 4. Benefits of Group Captive Insurance PlanUnlike traditional insurance programs, you have minimumobligations. The group captive company manages the program,functions, claims, accounting, etc. If your business has seen lossor your premiums exceed a certain value, e.g. $150,000, andthen you should consider a group captive.In short, here are some benefits of a group captive:You have a greater control of your insurance program through agroup captive. You own the insurance company that owns yourinsurance program.Reduced overall costs of insurance. Stablepremium rates compared to conventional insurance plans.Sinceyou hold equity, you earn a profit when the captive is in profit.Thus, you have an additional source of income.Premiums arenot based on market averages, but on your loss history. Email: jboerio@roundstoneinsurance.com Website: http://www.roundstoneinsurance.com
  5. 5. Benefits of Group Captive Insurance PlanFor more details about Benefits of Group Captive InsurancePlan visit here http://www.roundstoneinsurance.com/ Email: jboerio@roundstoneinsurance.com Website: http://www.roundstoneinsurance.com

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