Sometimes praise comes from the most unlikely sources. With the economic onslaught caused by COVID-19, even a New York Times columnist is suggesting what we have always said – that small captives are a powerful risk management and survival vehicle for small and middle-market companies that can actually save businesses and save peoples’ jobs.
Writing in the Wealth Matters section of the New Your Times, columnist Paul Sullivan writes that:
“[Small Captive Insurance Companies are] proving to be beneficial as the coronavirus pandemic shuts down local economies.”
His March 20, 2020 article is titled, “Once Scrutinized, An Insurance Product Becomes a Crisis Lifeline.” We couldn’t agree more.
Sullivan also points out that:
But now some of the more common coverage options, like the risk that business will be interrupted or a supply chain disrupted, are claims that business owners need to make. In this economic crisis, captives may be showing their worth.
Again, we couldn’t agree more – see our recent Captivating Thinking article:
Coronavirus: Captive Insurance’s Finest Hour – CLICK HERE.
The article by Paul Sullivan in the New York Times is brilliant and insightful. It is definitely worth reading, saving and sharing.
CLICK HERE to read the article in the New York Times.