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What is self-insurance?
It’s when a business pays for all, or part, of its insurance losses, assuming the role of an insurer by introducing a system to complete the payment of claims.
Alternative risk transfer is a strategy to improve your business’ financial performance by moving your insurance in-house.
If you consider this the right move for your business, it can lead to benefits including lower insurance premiums and improved coverage.
How does self-insurance work?
Through implementing alternative risk transfer solutions, your business assumes the role of the insurer.
This requires a strategy to manage the formal procedures for processing and the payment of claims. Rather than hiring a third-party to handle the claims, your business will need a department to run this operation.
If your business has the capacity to do this, you’ll be able to pay claims at a faster rate. Additionally, you’ll closely monitor the source of all your losses.
By doing so, your business can establish effective loss control measures and monitor the financial performance of your programme. It grants your business more control, albeit at the expense of additional workforce requirements.
The benefits of self-insurance
Manage your insurance in-house
Lower insurance premiums
Get lower fixed costs
Reduce losses through higher control
Full visibility on claims control
Why choose us?
Ready to self-insure your risks?
Our team of dedicated experts will guide you through the process of setting up self-insurance, providing specialist knowledge to help your business ensure appropriate risk transfer controls are in place. Call us on 0114 261 2020 for help and advice on self-insuring your business