There are countless options to consider when looking at your insurance needs. For some, a traditional plan will suffice. However, there are a number of industries where risks take on unique properties. In such cases, standard insurance options may not be the best fit. If there are any gaps in your coverage and you don’t learn this until a claim has been made, it can lead to massive financial and legal consequences. Thankfully, a little forethought can go a long way.
Review the Captive Arrangement Options
Observing and understanding all of your options is the best way to know whether or not you’ve got an arrangement that will benefit you in the long run. An agency captive solution, for example, can be a perfect setup for people who are looking for useful alternatives. This arrangement involves the policyholder accepting a certain degree of risk in exchange for a number of key advantages like more control and an expansion of coverage. Other points to policy options to keep in mind include:
- Workers’ compensation coverage
- Directors and officers coverage
- Errors and omissions liability
Learn About the Solutions
The more you know about your options with insurance coverage, the easier it will be to feel confident in your policy. Take time to learn more about captive solutions to see if this fit will help you get ahead.
