If the turmoil of 2020 has shown businesses anything, it’s that they should have been better protected and most businesses could have benefited from more insurance and more money. The pandemic and riots have forced thousands of businesses into bankruptcy with many more still on the ropes. It’s impossible to predict what the next crisis will be, or when it will strike.
CPAs, as the trusted advisors of small and middle-market businesses that are surviving or thriving during 2020 should pause and take a hard look at protecting their companies with captive insurance now—while times are good. It’s true that businesses with more insurance and more money are on stronger footing and better prepared to survive whatever calamity strikes ahead.