Tampa Captive Insurance
Sign Up for the Captivating Thinking Newsletter
Is Your Small or Medium-Sized Business Underinsured?
CIC Services LLC has been helping businesses in Tampa, FL avoid being underinsured while simultaneously increasing their wealth since 2005.
Most small and medium size businesses are underinsured. Today, businesses face far greater risks than similar businesses faced in the past. In addition to common risks like theft, fire and general liability, there are a host of other risks that businesses face that are specific to their industry and exacerbated by shifts in technology, regulations and the legal system.
Lawsuits are far more common in the current business climate, and lawsuits can come from both outside or inside a company. Businesses face more and more regulations, and it’s not uncommon to read a news article about a business crippled or closed down by regulators. Many businesses today also face cyber risks and threats to data security and IT systems. As if that isn’t enough, terrorism in the U.S. now poses a legitimate threat to businesses. And, many of these “new” risks are not covered by typical third party insurance policies. These types of coverage often require additional policies that are often very expensive.
A Better Way: Captive Insurance Program
CIC Services, LLC helps businesses and business owners own their own insurance company, known as a captive insurance company. The formation of a captive insurance company can help business owners avoid being underinsured without the “sunk cost” of paying insurance premiums to a third-party insurer and having nothing to show for it. The business or business owner or related parties own the captive insurance company. Hence, the premiums paid to the captive to insure risks faced by the business are not “sunk costs.” They are insurance reserves and profits owned by the captive owner.