INSURANCE AS A PROFIT CENTER
Captive insurance is a way for companies to have better control over what they spend on premiums and retain money that isn't paid out for claims. But it's always been a complicated & expensive thing to start and manage a captive. Not anymore. Harness is launching a captive formation and management solution to help our clients reap the benefits of their dedication to safety.
Why Captive Insurance?
If you're a company that takes safety seriously, paying huge insurance premiums to a third party is just a waste. If you don't have any claims, there's no additional benefit for you other than the promise of slightly lower rates in the future. With captive insurance, you pay your premiums to an insurance company you own. Here's a little more about how captive insurance works.
An Insurance Company You Own
A captive is simply an insurance company that you form, usually in partnership with other companies that agree to control risk and pool their money to pay any claims.
A Better Way To Control Spend
Your insurance captive can set rates more accurately than commericial insurers so your company can better control annual premiums.
Funds collected by your captive that aren't needed to pay claims or fund operations can be invested and profits returned to the owners, which is you!
Here Are The Answers To Some Common Questions.