Insuring your business is about far more than protecting your assets and resources. It is also about going above and beyond to keep the people who work for you safe from all kinds of risks. This is why a workers’ compensation plan matters. For some businesses, the decision to use a captive company can produce bigger benefits. In this type of arrangement, the owners of the captive make the insurance decisions much in the way that a commercial company would. There are plenty of reasons to consider this plan option.
A Rising Trend
Many businesses have switched to a captive workers compensation insurance plan in recent years. Companies are making this decision because a rental captive can offer more control over an insurance plan and the risks that a business owner assumes. Beyond this, being a part of a cell allows you to access plans at a rate that would have been unavailable to you through a commercial provider. Whether you opt for a pure captive or a rent-a-captive structure, you can expect a number of benefits. Key advantages include:
- Enhanced control over available protection
- Insurance for high-risk projects
- Affordable rates on exceptional programs
A Sensible Fit
By looking at alternatives like a captive for your workers’ comp plan, you can make decisions that benefit you and your employees equally. Review your options and see if this is a practical fit for the needs of your company.