This innovative approach provides significant advantages for companies aiming to enhance employee benefits while controlling costs. By pooling resources with other aligned companies, your business can reap the benefits of self-insurance without shouldering all the risk. This collaborative risk-sharing typically results in more predictable premiums and less volatility than traditional insurance models.
Additionally, this program allows businesses to tailor their health insurance plans to better suit the specific needs of their employees, boosting satisfaction and improving retention rates. With control over claims management and the ability to implement targeted wellness programs, a health insurance captive program gives businesses the tools to foster a healthier, more engaged workforce.
By bypassing the traditional insurance market, companies can avoid excessive premiums, fees, and administrative costs, leading to significant savings.
Captives can be tailored to cover specific risks unique to your industry, operations, and objectives, offering more flexibility than traditional policies.
Businesses gain greater visibility into their claims data and cost drivers resulting in better control over their provider network and Third-Party Administrator (TPA) relationships.
Businesses gain greater control over their risk management strategy, claims processing, and policy design, allowing for a more proactive approach.
Captives can help manage cash flow more effectively by minimizing premium volatility and offering stable, predictable costs.
Instead of paying premiums to a commercial insurer, captives allow businesses to retain underwriting profits and investment income, which can be reinvested into the business.
Whether new to captive insurance or looking to optimize an existing program, Tooher-Ferraris Insurance Group is here to help. Our team of experts will guide you through the entire process, from feasibility studies to ongoing management, ensuring that your captive program delivers maximum value.
Contact us today to learn more about how captive insurance can benefit your business and to discuss your specific needs. Let Tooher-Ferraris Insurance Group be your trusted partner in risk management and insurance innovation.
With the 2024 reference year RxDC reporting deadline approaching in June, plan sponsors should re-familiarize themselves with the reporting requirements. The 2024 reference year RxDC Reporting Instructions have been released, though there were no changes to the reporting requirements or data elements from last year. As a reminder, the Consolidated Appropriations Act, 2021 includes a […]
It’s a bright morning at your condo association’s annual meeting, and the board is discussing the upcoming budget. Everything seems in order until someone brings up the unexpected: a slip-and-fall lawsuit filed by a visitor in the common area. The board scrambles to review its insurance coverage. Does the master policy cover this? What about […]
Imagine this: You’re the CEO of a thriving tech company. Your AI-driven software just won a prestigious award for innovation, and your team celebrates its growing impact in the market. But weeks later, a lawsuit lands on your desk. The allegation? Bias in your algorithm led to discriminatory outcomes for users, and now your company […]
Employee benefits are at the core of attracting and retaining top talent for businesses of all sizes. From new compliance regulations to shifting workforce priorities, employers face challenges in designing effective benefits programs. To help you navigate these changes, we’ve asked our Employee Benefits team to share their insight into some of the most pressing […]
As businesses look for innovative ways to manage rising healthcare costs and offer competitive benefits, many are transitioning from fully insured health plans to self-funded models. Self-funding allows employers to take greater control over their benefits program, customize coverage, and potentially reduce expenses. However, this shift also comes with its share of challenges. If you’re […]
For high-net-worth individuals (HNWIs), managing financial risk extends far beyond insuring homes and vehicles. With substantial assets, multiple properties, and a public lifestyle, the potential for liability exposure increases significantly. One costly lawsuit or accident could jeopardize the wealth you’ve worked hard to build. Umbrella insurance and excess liability coverage offer a safety net, providing […]