Managing risk can be a monumental endeavor for many companies. If you’re charged with workplace safety at your organization, you know how important it is to implement the right risk management program to mitigate accidents, reduce injuries, and prevent fatalities.
A significant (but not always obvious) player in the risk management equation is your company's insurance program. Many companies only interact with their insurance carrier when filing a claim or during renewal season.
At Captive Resources, we think insurance should be more than a reactive mechanism to pay for losses after they happen. Instead, we believe insurance should — and can — act as an instrument to help your company prevent losses in the first place. This belief fuels the group captive insurance companies we work with to take a comprehensive and collaborative approach designed to help each member improve their risk management program.
To learn how joining a group captive can help companies take their risk management programs from good to great, fill out the form below to download our latest infographic.
The risk management approach of group captives can seriously impact your company's loss control and bottom line. Here are just a few benefits that companies can enjoy by joining a group captive.
Group captives determine each member company's premium based on its unique loss records (rather than relying on generic rates that are commonplace in the conventional commercial insurance market). So, when member companies improve risk control, claims and losses naturally go down. When loss records improve, members pay lower premiums — which equals money saved.
Group captives provide a wealth of resources to help each member company improve its risk management program, including:
These efforts, along with many others, lead to fewer losses over time.
Group captives invest members' premium dollars and pay dividends when member companies achieve lower-than-expected losses. Members that improve their risk management programs will have loss funds remaining* at the end of each underwriting year. The captive then returns these unused loss funds (and the accrued investment income) to the captive’s owners (i.e., the member companies) — which equals profits earned.
*Risk sharing will also impact members’ loss funds.
If you’re ready to take your risk control program to the next level, don’t wait until a potentially catastrophic event occurs. Contact us today to learn more about group captive insurance and how it can help make your company safer.
We get it, commercial insurance is an important decision. While you consider your options, make sure to subscribe below and follow us on social media for the latest news and insights on group captives and risk management.