Elgin Illinois Captive Insurance
Start Another Business To Improve Risk Management and Significantly Boost Wealth
Since 2005, CIC Services, LLC has been helping successful businesses and business owners in Elgin, IL 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?
Simply put, a captive insurance company is an insurance company. It is a C corporation and is licensed and domiciled like any large insurance company. Captives also have their own reserves, policies, policyholders, and claims. Owning a captive insurance company is a sophisticated way to self-insure, and captives are generally formed to insure the risks of a business, group of businesses and related or affiliated third parties.