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Chad Duke, Vice President/Danger Advisor, and Pim Jager, Vice President/Advantages Guide, had been lately featured on the ESOP Podcast discussing captive insurance coverage and Scott Insurance coverage’s collaboration with the Nationwide Heart for Worker Possession (NCEO) to create two new captive packages solely for ESOP firms, OWN Well being (medical health insurance) and OWN Danger (property and casualty).
Scott’s lengthy historical past as an employee-owned firm – and as an trade chief within the growth and assist of captive insurance coverage packages – has given us distinctive perception into what makes the captive mannequin a really perfect answer for ESOP firms. The vast majority of ESOPs are well-managed, collaborative and have better-than-average threat profiles. Moreover, primarily based on the character of the possession construction, many employee-owned firms fall into the mid-market class and are sometimes too small to self-insure. With these new, revolutionary captive packages developed in partnership with the NCEO, collaborating ESOPs will be capable to expertise value financial savings and benefit from the many advantages of self-insuring however with minimized threat and volatility.
The Perfect Candidate for Captive Insurance coverage
The perfect ESOP candidate for a captive has:
- 50 to 500 workers and/or greater than $25 million in income
- Good historic claims expertise
- A powerful deal with security, threat administration and worker wellness
- Sturdy company management that values workers and embraces well being and threat administration efforts
Why Ought to an ESOP Be a part of the Captive Mannequin?
Among the advantages of the captive mannequin embody:
- Elevated management and transparency over the insurance coverage course of
- Considerably diminished annual premiums
- Stabilization and discount of insurance coverage prices
- Earned funding revenue and underwriting revenue which is returned to the corporate
- Accountability and shared finest practices
- Entry to Fortune 500 sources
- Asset safety and entry to decrease reinsurance prices
OWN Well being and OWN Danger even have the additional advantage of giving ESOPs the peace of thoughts that comes with figuring out they’re collaborating with likeminded organizations.
Be taught extra about Scott’s work with these captive packages by listening to the ESOP Podcast and ESOP Mini-cast.
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