Business insurance is not always a cut-and-dry process. In fact, there are plenty of factors that can influence whether or not a policy makes sense for the needs of your company. If you are not aware of all the options available to you, then it stands to reason you are missing out on a more helpful form of coverage. For example, a Risk Retention Group might be the self-insurance option you have been looking for to keep your business booming.
The Risk Retention Act
Understanding RRG insurance is all about looking at where the idea originated. After the Risk Retention Act of 1986 was passed, it was possible for group captive insurers to assume the risks of commercial liability exposures related to the members of the captive. Though this can seem laden with industry jargon, it essentially means that you have lots of interesting options to mull over when it comes to how and where you obtain your insurance plan. Areas that an RRG plan could prove advantageous include:
- Errors and omissions protections
- General liability policies
- Medical malpractice for healthcare professionals
Understand Your Options
Staying familiar with all of the insurance options available to you is a surefire way to ensure your business gets the attention it deserves. Learn about Risk Retention Groups and determine if this type of coverage applies to your company.More