Risk Management Advisors underlines captive benefits

Captive insurance can provide businesses with a powerful tool for managing their insurance needs and improving their financial performance, according to Jarid Beck, director and co-founder of Risk Management Advisors.

In a statement released on his LinkedIn page, Beck pointed out that with the right strategy and guidance, captive insurance can be a valuable addition to any business's risk management program.

Beck identified five key benefits of captive insurance, which include cost savings that allow businesses to reduce their insurance costs by avoiding the profit margins of traditional insurance carriers, customisable coverage that create policies that are tailored to specific needs, improved risk management, control over cashflow and finally long-term stability.

“By creating their own insurance company, businesses can ensure that they have the coverage they need, when they need it, without being subject to the whims of the insurance market,” Beck stated.

Risk Management Advisors is offering clients an assessment to see if they need to create a captive.