There is no question that health care and medical professionals in private practice need insurance protection, both for the business itself and for employees. Creating a captive insurance program for medical professionals allows you to create your own insurance agency to provide coverage for common needs including health benefits, property insurance, worker’s compensation, general liability and professional liability. Doing so can allow you to avoid commercial insurance options which may not meet the needs of your practice.
Why Consider a Captive Insurance Program for Medical Professionals
Some health care and medical professionals assume that buying insurance from a commercial provider is the only option. In reality, self-insuring by creating a captive insurance program can create more flexibility for your practice, result in cost savings, and provide you with more ownership and control over your insurance program.
With a captive insurance program, you will have the control you need over every step of the insurance process, including claims, setting premium amounts and loss reserves. By owning your own insurance company, you will also be turning what was a cost center into a profit center instead. While there is no guarantee that your captive insurance program will be profitable, having control over the program and its operation can help you realize both cost-savings and profits.
A Variety of Structure and Coverage Options
Regardless of how they are structured, every captive insurance program must meet IRS guidelines as well as jurisdiction-specific requirements for insurance companies.
However, there is some flexibility to structure your captive insurance program in a way that best makes sense for your business. Some larger organizations may benefit most from single-parent captive insurance structures. Other associations may opt for a group captive arrangement. Smaller businesses may want to choose a structure called “protected cell captive”.
When it comes to covering risks, captive insurance programs for medical professionals can also be designed to affordably cover risks that can be difficult to cover on the commercial insurance marketplace.
The best structure and coverage options for your medical practice or health care business should be tailored to meet your specific risks, goals and needs.
Why Choose Venture Captive Management
At Venture Captive Management, we offer client-centric solutions rather than the one-size-fits-all solutions offered by some of our competitors. We recognize that every client is different, and their needs for coverage and risk retention are different.
We also know how important profits are to any health care business or medical practice. That’s why we manage captive insurance programs and risk retention groups in a way that’s designed to help you capture the underwriting profit while protecting your assets. We know most medical professionals are not insurance experts; that’s why you need the solid, working knowledge of insurance contracts, regulatory requirements and a commitment to helping you grow your business.
Contact Venture Captive Management to Learn More
To learn more about captive insurance programs for medical professionals and to explore the benefits working with Venture Captive Market can bring, contact us online today, or call us at 770.246.8535.