We are award-winning Captive Insurance specialists
Captive Insurance is a type of insurance fully owned and controlled by you, the insured, to give you more control over your business’ (or affiliated businesses’) risks and potential losses.
Benefits of Captive Insurance
This is not an extensive list. Please contact us to see if Captive Insurance is right for your business.
How does Captive Insurance work?
With traditional insurance options, your cover is often at the mercy of your insurer. Your insurer is the one who decides the kind of cover you obtain, the premiums you have to pay, and whether or not you are entitled to your claims.
On the other hand, Captive Insurance allows you to form your own insurance company or ‘captive’, giving you greater control over your insured risks. Captive entities are considered legitimate entities as they are utilised by both Australian and multinational organisations, including private, publicly listed and non-profit organisations.
Is Captive Insurance right for you?
Captive Insurance often goes hand-in-hand with traditional insurance options, and does not usually work on its own. As such, it should not be considered a blanket solution to risk management, but rather, a potentially advantageous tool in your insurance toolbelt.
Although widely used, it is important to note that Captive Insurance has a high barrier to entry. It is generally recommended for companies with exemplary loss histories (and continued lower loss expectations) that have a premium size of at least $1 million.
Furthermore, if you are looking to pursue a Captive Insurance strategy, you must have the resources available to set up an insurance company that can provide cover for potential losses.
Besides working with qualified business insurance brokers (such as us), your captive may engage with attorneys, administrators, accountants, tax advisers, managers, directors, bankers and other experienced professionals.
If the costs of Captive Insurance seem daunting to you, another way to achieve risk transfer at the fraction of the usual cost is through Protective Cell Companies (PCC). The PCC agreement can be a cost, capital, and time efficient way to gain more control over your insurance costs and limitations.
As business insurance brokers you can trust, Crucial Insurance recommends that before pursuing a Captive Insurance strategy, you should contact us to discover all the strengths and weaknesses of this approach.
Why clients choose Crucial Insurance for Captive Insurance
Crucial Insurance brokers are experts in helping companies find both traditional and hard-to-find insurance policies. Our extensive experience allows us to guide you in understanding your risks, making informed decisions, and effectively protecting the future of your business.
Our efforts have won us multiple awards, including the NIBA Broker of the Year Award, and the Queensland Stephen Ball Memorial Award. We attribute these successes to the Crucial Insurance mentality—seeing every client’s business as our own, and priding ourselves in our proactive approach to customer support.
Additionally, we are an Australian Financial Services Licence holder and have been since 2014. This means we are regularly audited to ensure we provide a high level of skill with an exceptional level of integrity and service.
Here are some more reasons why our clients choose us:
CAPTIVE INSURANCE
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