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What type of businesses could benefit from a captive insurance company (“CIC”)?
- Businesses that are overpaying for third party insurance or with significant uninsured or underinsured risks
Examples: Contractors, developers, distributors, manufacturers, retailers, transportation companies, staffing companies, software developers, tech companies, insurance agencies, agricultural businesses, suppliers, medical groups, family owned businesses, physicians, entertainers, professional athletes, high tech firms, professional service firms, real estate management companies, etc. Upon reflection, almost every business has significant uninsured or underinsured risks.
- Businesses with sufficient revenue and profits to afford the premiums
- – Over $1,000,000 in gross revenue.
- – Over $200,000 in “excess” after-tax profits (i.e., money that doesn’t need to be directly reinvested into the business or paid out as compensation).