Captive Insurance Programs

A captive insurance program allows you to take control of your insurance and take your business to the next level.

Captive Insurance Programs
If you own or operate a transportation company, you may have heard of captive insurance as a way to reduce your risk and save money on premiums.

There are several ways to get started in captive insurance. From preparing your company for eligibility to application to ongoing management, Transportation Insurance Professionals can help you.

Benefits
There are several potential benefits to having a captive insurance program, including:

  • Cost Control: Traditional insurance is subject to huge fluctuations in pricing. Many of the causes of these cost fluctuations are out of your control. In a captive insurance program, your insurance premiums can be predictable and stable from year to year.
  • Lower Overall Cost: In traditional insurance, if you have little to no losses, the insurance company is very happy because they're making a profit from you. With captive insurance, you own the insurance company, so that's your profit! Money set aside to pay for losses that aren't used to pay for losses can be paid back to you… plus interest!
  • Operational Control: You don't have to negotiate with insurance companies for permission to add a certain vehicle or adjust your operations. In fact, with many captive companies you don't even need to report your vehicles to the insurance company to use them.
  • Learn From Other Best-In-Class Businesses: In homogenous captive programs, the other members are running businesses very similar to yours, and they're also best-in-class businesses. Enhance your safety programs by sharing ideas and techniques with other businesses.

Becoming part of a captive insurance program can free your business and help you really take it to the next level. There is some leg-work involved, though. Transportation Insurance Professionals can plan and manage the leg-work and serve as your broker point of contact.

We'll start with an initial conversation to determine your business' eligibility for captive insurance programs. If you're eligible, we'll move right on to the next phase of the process. If you're not, we can work with you to develop and manage a plan to become eligible for the appropriate program for you.

Once we know you're eligible we can begin the process of compiling all of the information needed to underwrite your business. We like to do a lot of digging, gather our data, and understand your operation well on the front end. When questions inevitably come up on the backend, we're armed with information and can accurately represent your business without needing to constantly bother you.

If the proposal is what you're looking for, we can help you with its ongoing management and some of the insurance agent needs that still exist. When you're in a captive insurance program we can offer certificates and ID cards online 24/7. Our staff will still be available as usual to assist you with more complex items that you may need. Additionally, we can help you with your safety programs, policy coordination, premium collection, assistance with claims processes, your renewals, and other coverages that may not be included in the captive program.

​If you want to learn more about how captive insurance can benefit your transportation company, contact us today for a free consultation. We will assess your risk profile, review your current insurance program, and provide you with a customized proposal for your captive insurance solution. Don't miss this opportunity to take control of your insurance costs and improve your bottom line.
(763) 797-9999
418 W 3rd Street
Red Wing, MN 55066
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