Chattanooga Captive Insurance
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Game-Changing Financial Vehicle for Business Owners and CFOs
Since 2005, CIC Services, LLC has been helping successful businesses and business owners in Chattanooga, Tennessee set-up and own their own insurance companies, specifically, captive insurance companies. This can be a low risk endeavor because the business can choose to keep existing third party insurance coverage intact and utilize the captive to cover gaps in its existing risk profile. Also, by using an experienced and proven captive manager like CIC Services, LLC, a business does not need expertise in operating its own insurance company. We do almost all of the work.
What Is A Captive Insurance Company?
A captive is a unique but REAL casualty insurance company. It includes its own corporation, insurance license, reserves, policies, policyholders, and claims. It is a formal way for business owners to self-insure, and captives are generally formed to insure the risks of owners and related or affiliated third parties.
There are many risks that all businesses regularly face and informally self-insure. It’s worth noting that businesses informally self-insure with after tax dollars, meaning that a businesses’ “rainy day fund” is usually comprised of retained earnings that have already been taxed. With a captive in place, businesses can formally insure risks not normally insured by third party insurers.