Captive Insurance Provides The Versatility Needed To Address Cybersecurity Risk
Businesses and organizations need flexible, active approaches to stay a step ahead of would-be cybercriminals. And, with flexibility in mind, captive insurance is the most versatile approach to prepare for the financial impact of a cybersecurity loss.
CIC Services’ lawsuit against the IRS regarding Notice 2016-66 is creating quite a stir across the U.S. as we reported in last week’s issue of Captivating Thinking. The Wall Street Journal (WSJ) reported on the suit as an example of businesses resisting Administrative State overreach.
We at CIC Services have always considered ourselves to be champions of small and middle-market businesses. And for that reason, we have been working since 2005 to help small and middle-market companies protect and insure the businesses they have built by owning their own insurance companies.
CIC Services launched our Bundled Captive Insurance Program in early 2019, and it is helping successful mid-market companies with good loss control in place to reduce their net commercial insurance spend by up to 50%. But we have also noticed another interesting phenomenon. Enterprising brokers are using the Bundled Captive Insurance Program as a door opener to win away some of their competition’s best clients.