The recent article published by Medical Economics, “How Captive Insurance Safeguards Patient Privacy in Medical Practices,” by Chris Gallo, Managing Director at CIC Services, highlights how the healthcare industry is facing a growing threat of data breaches and ransomware attacks, with 295 breaches in the first half of 2023, impacting millions of patients. Small to mid-sized private medical practices are particularly vulnerable to the financial and reputational consequences of such incidents, as they often lack the resources of larger institutions. Data breaches can erode patient trust, disrupt operations, and lead to costly legal challenges. To address these risks, captive insurance, which involves creating a specialized insurance company for a group of affiliated organizations, can be a valuable tool. It allows medical practices to tailor insurance policies to their specific cybersecurity needs, providing coverage for data recovery and restoration expenses, and incentivizing better data security practices.
The recent article published by Insurance Thought Leadership, “Amplifying Liquidity with Captive Insurance,” by Chris Gallo, Managing Director at CIC Services, highlights how liquidity is crucial for businesses to adapt to changing markets, as it allows them to access cash or easily convertible assets. This financial flexibility enables them to invest in research and development, […]
Listen to CIC Services’s own Randy Sadler as he discusses key strategies for optimizing your finances with a captive insurance program with the host of the Profit Coach 4 You podcast. In the episode, you will hear practical tax-saving techniques and financial planning insights. Click play on the video below, or click here to read […]
The recent article published by Strategic Risk, “Opinion: Why unconventional industries require an innovative approach to risk and insurance,” by Randy Sadler, principal at CIC Services, highlights how unconventional industries like 3D printing, space mining, and cryptocurrency may find it difficult to access traditional insurance. Just like unconventional businesses require a more tailored and comprehensive […]