There are many times when businesses join associations or trade groups and receive modest benefit for their dues paid. Then there are times when an association provides tremendous value for the dues it receives. The Self-Insurance Institute of America (SIIA) clearly falls
Captive Insurance Times (CIT) Issue 125 recently reported that small captive insurance companies (CICs) are on the march and preparing to take over as the mainstays of the captive insurance industry. The report covered Marsh’s 2017 Captive Landscape annual study which includes data from more than 1,100 CICs (almost one-sixth of the total captive industry). There are over 7,000 captive insurance companies worldwide.
According to CIT, the captive industry is growing steadily and growth is propelling change. CIT pointed out that:
Previously, captives were a luxury enjoyed only by larger corporations capable of bringing their risk management and financing in-house. Now, smaller and middle-market companies are benefiting from their own captives, while the larger entities are creating more than one, often to cover non-traditional risks ignored by the commercial insurance market.
Over time, taxes can take a heavy toll on a business and its owners. Year after year, profits are stripped away to pay taxes, often resulting in a business that is
My father always taught me to set aside money for rainy days. “You have to pay yourself first,” he would remind me. “Before you spend any money that you earn, you have to pay yourself by saving some money for a rainy day.” This was and still is great advice. And, of course, untapped “rainy day” money can always be enjoyed in the future.
Is the same advice true for businesses and business owners? It is… and