How to Choose a Company to Self-Insure Your Business
Some companies choose to self-insure their business. To cover the alternative risk, companies should work with an insurance agency that understands how self-insurance works. Here are some things to look for when searching for a policy.
The plan looks beyond the commercial marketplace to captive programs and risk retention groups to provide insurance. Arroyo Insurance offers new avenues for self-insurance businesses including pools, catastrophic bonds, large deductibles and event-triggered risk transfer.
Lower premium costs and fewer claims paid out can mean more cash flow for the business. Self-insurance allows the company to take control of their cash flow rather than allowing an insurance company to handle it. Choose an insurance company to work with that provides the products that help you insure your company while allowing you to benefit from the cost savings of self-insuring.
One of the main reasons companies choose to self-insure is because of the cost savings due to lower premium costs and fewer claims. The company takes on the task of an insurance company. Work with an insurance company that can help you create an effective risk management plan.
Working with an alternative risk transfer company helps take some of that risk of self-insuring your company and transfers it to a third party.