Understanding the Perks of Captive Insurance September 26, 2017

When we first heard about captive insurance, we were a little bit confused as to what was being offered. We did get the feeling that it was a very different way of engaging in the insurance business, but we were not sure as to what the advantages were for businesses. But now that we have spent some time learning about captive insurance, and we have spoken to businesses that use this insurance, we are aware of what you are getting when you invest your time and money in captive. And we can help you understand too.

The concept of captive insurance companies is that you have a set of businesses that are buying stake in a company – captive insurance. The reason why these companies are buying a stake in another business is because they are getting a massive advantage over traditional insurance. Captive insurance is the company that will offer insurance to these other businesses, but it is part owned by the same businesses. You may think that scream of conflict of interest – but it is the opposite. It is having the goals aligned, which helps both parties in a tremendous way. It is the ideal way to get business insurance.

What you are getting when you go with a regular insurance company is a lot of frustration. Yes, some are better than others. But they all have one goal – make money, no matter what. So a regular insurance company will have no issues throwing a client under the bus if it means they are going to see a boost in profits. Most of them are so big that losing a few clients means nothing, as there are ten more companies or individuals who will want their business. But when you put your money in captive, you are getting an insurance company that will have your best interests in mind!

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Types of Insurance in Florida

There are tons of types of insurance and each offers such valuable protection it can probably benefit your life. But, since you likely cannot afford a policy from them all, it’s best that you pick wisely. Insurance keeps you financially protected and secure when it is needed the most and florida insurance companies offer several types of insurance and policies to match. Some of the choices include:

Life Insurance

Life insurance provides financial protection to your family in the event of your demise. Life insurance prevents yet a second tragedy for your family. There are several types of life insurance available in various amounts. Consider purchase of a life insurance policy, since we never know what tomorrow holds for us.

Auto Insurance

Florida drives are required by law to carry minimum amounts of a liability policy, and are committing a crime if this coverage is in place on every registered vehicle in the state. This coverage covers damages if an at-fault accident should occur. Without insurance, you could face a world of trouble and financial difficulty that cost you for years to come.

Renter’s Insurance

If you rent a home in the state, don’t assume the insurance the landlord has on the property covers you in the event or a tragedy because the sad truth is that it does not. You are protected only when you have renter’s insurance, so if you do not want to experience total devastation, it’s important to obtain this coverage.

Health Insurance

Don’t assume health insurance is unimportant simply because you’re healthy today. Without coverage now, it might not be so easy or affordable to do in the future. It’s nice knowing you are protected, so make sure that health insurance is in place to ensure your best health.

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Categories: Insurance