There are very few industries in which the pandemic had a profitable effect. One industry that felt these effects was, and still is, is the insurance industry.
Considering that most business are required to have some type of property, casualty, and/or liability insurance, this is affecting just about every business. There is a solution, that is covered in the 3-minute video below, or if you prefer, you can read about it on one of my earlier articles.
If you’d like to see a more extensive video, you can see one of our previously recorded webinars. The key highlights and eligibility guidelines for Captive Insurance are below.
- Creates an insurance company to accept some of a business’s risk
- Keep a significant amount of your current insurance premiums in a company that you own
- Create a more cost-effective way to cover the need of commercial insurance
- Gives the business owner the ability to re-invest insurance premiums
- Creates another financial planning vehicle that offers the same asset protection as a business
- Enables a business to manage its insurance risks more effectively
- Gives the business the ability to insure risks that most commercial insurance companies won’t, such as; loss of a key contract, business income protection, regulatory change, key supplier and/or accounts receivable.
General Business Eligibility Guidelines:
- Generating at least $10,000,000 a year in revenue
- Currently paying $250,000 a year or more in insurance premiums
If you have any questions, comments, or concerns regarding Captive Insurance you can always reach out to our office or use the button below to schedule a Zoom meeting or introductory call with one of our Partners.
Dan Nuwash, MBA is the Founder and Managing Partner of Finance For Thought and can be reached through our website.
TAX- To the extent that this material concerns tax matters, it is not intended or written to be used, and cannot be used, by a taxpayer for the purposes of avoiding penalties that may be imposed by law. Each tax payer should seek tax, legal or accounting advice from a tax professional based on his/her individual circumstances.
TAXES- This material is for informational purposes only. Neither APFS nor its Representatives provide tax, legal or accounting advice. Please consult your own tax, legal or accounting professional before making any decisions.