Part 4: Control – Do You Own the Insurance Company or Does the Insurance Company Own You?
“Every action has an equal and opposite reaction.” This old adage holds true even when discussing the advantages and disadvantages of insurance. The advantage of traditional insurance is that you have less to think about until you have a claim and less to maintain regarding regulatory compliance, policy terms, and an overall insurance program. However, […]
Part 3- Coverage: Do You Own the Insurance Company or Does the Insurance Company Own You?
Captive insurance allows you, the insurance company owner, to define the types of coverage you want that are specific to your business needs. By owning the insurance company, you get to set the parameters of coverage, giving you a greater assurance that when a claim occurs, you will be covered. Most insurance contracts, a.k.a. policies, […]
Part 2: Do You Own the Insurance Company, or Does the Insurance Company Own You?
The relationship between traditional insurance companies and their policyholders (the insureds) has become strained at best. Premium rates continue to climb, and the scope of coverage is more narrowly defined as insurance companies look for ways to increase revenue, reduce expenses (e.g., reduce the amount paid out in claims), and enhance their offering to stockholders. […]
Do You Own the Insurance Company, or Does the Insurance Company Own You? Own Your Future
Do you own the insurance company, or does the insurance company own you? This may seem like a strange question, but small—to mid-size companies and business owners do not ask themselves enough or consider how the answer to these questions impacts their business on a daily basis. Do you know that it is possible for […]
How to be a better leader, according to this Chattanooga podcaster, coach, author
In his forthcoming book, “C.H.A.R.T.ing a New Path for Leaders: Healing a Society Fractured by Leadership Failure,” the Chattanooga area podcaster and leadership coach, John Ballinger, seeks to help business and ministry leaders become more confident and able. In an interview, edited for concision and clarity, he discussed his views on leadership and the human […]
Your Questions About Captive Insurance, Answered!
What Is Captive Insurance? Captive insurance is a private insurance company owned by the businesses it insures. It allows companies to manage their own risks, save money, and retain unused premiums. How Much Does It Cost to Set Up a Captive? The costs vary based on the size and complexity of the business, but captives […]
Case Study: Real-Life Success Stories with Captive Insurance
Success in Action: How Captives Transform Businesses Case #1: A Manufacturing Company Problem: Rising premiums and limited coverage for workplace incidents. Solution: Partnered with 10XB Captives to create a captive focused on liability and safety. Result: Saved 30% on premiums and reduced workplace incidents by 20%. Case #2: A Retail Chain Problem: Unpredictable liability claims […]
Is Captive Insurance Right for Your Business? A Quick Guide
Why Consider Captive Insurance? Every business faces unique risks. At 10XB Captives, we understand that one-size-fits-all insurance doesn’t work for everyone. Captive insurance is ideal if: You want more control over your insurance. Your premiums are higher than your actual risk exposure. You’re looking for long-term financial stability and savings. Who Benefits Most from Captives? […]
Top 5 Myths About Captive Insurance (And the Truth Behind Them)
Myth #1: Captive Insurance Is Only for Big Corporations Truth: While large corporations have historically used captive insurance, businesses of all sizes now benefit from captives. Small to mid-sized businesses can pool resources through group captives, making it accessible and cost-effective. Myth #2: Setting Up a Captive Is Too Expensive Truth: Initial costs might seem […]
Why Captive Insurance Is a Smart Move for Financial Stability
Building Stability with 10XB Captives Captive insurance isn’t just about managing risks – it’s about creating a stable financial foundation for your business. With captives, businesses can: Retain unused premiums. Build reserves for future claims. Reduce financial surprises caused by market fluctuations. Flexibility and Control Traditional insurance policies can feel restrictive. Captives, on the other […]