Top 10 Reasons to Place Your Insurance Through a Captive (continued)

Reason #2 – Safety Professionals that work for you!

The Loss Control staff sent by the insurance carrier to inspect your job site can be of help to you – but let’s remember their primary obligation is to be the “eyes and ears” of the insurance company.   Most often you receive “recommendations” that require compliance.  As such, they really aren’t recommendations as much as they are requirements in order to keep insurance coverage in place or to maintain the rate structure that you have.  In either event, it’s not a pro-active approach nor is it something that is directly in your best interest.

In contrast, Safety Services through a captive are really built to protect you as a member of the captive and they are in a broader sense, Risk Control – that is – looking to prevent or mitigate the severity of the claim. It does also help protect the captive, but you have a vested interest in doing so as a stakeholder.  The captive contracts directly for these Risk Control advocates, and you can retain your own safety professionals as well.  The chosen Risk Control professionals are accountable to you, not to an outside insurance company.  Each member of the captive has an allocation where dollars are set aside for loss control services.  With guidance from the captive, these funds are directed to address the loss control challenges and concerns of each member’s business.

The stronger your safety culture, the greater the likelihood that you will be able to control your losses. Lower losses equal lower premiums.  Importantly, the members of the captive are like minded.  Lower losses also translate to profit distribution to you as a stakeholder in the captive.

So to re-cap:

Reason #1 – Claims professionals that work for you! (See our post from July to read more about Reason #1)

Reason #2 – Safety Professionals that work for you!

There are eight more reasons to follow, so please give your EC&S representative a call to discuss your options through a captive in more detail.

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