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What are your self-insurance options?

Self-insurance is one way businesses can maintain some control over their own risks, while still being able to purchase protection at higher entry levels when needed, through an insurer - at rates much lower than those offered by traditional programmes.

What can self-insurance programmes cover?

Almost any type of traditional insurance can be adopted to a self-insurance programme. The most common are:

• Motor fleet
• Liability
• Property
• Contingency

What are the key 3 areas of self-insurance?

The first step to taking a self-insurance approach is to understand your exposure in the 3 core areas: - Your present risk management systems - Your present risk retention - The structure of your insurance programme The below graphic demonstrates the 3 key areas. Insurance (risk transfer) is actually a smaller part of the overall hidden management costs. By retaining more financial risk, adequate risk management controls will need to be in place.

What types of self-insurance are available?

There are 3 main types of self-insurance: - Higher excess levels - Aggregate excess - Captives Read more here: What is Self-Insurance? – selfinsuranceprotect.co.uk

 How do we approach setting up a self-insurance programme?

Retaining more risk, you will be able to control your risk management & claims management processes.

Advantages

- By controlling your risk and increasing your retention levels, you will lower your initial cost of insurance. The more risk you assume, the less you will pay in insurance premiums. - Managing claims can be more effective. - Insure in the manner you choose. - Self-insurance can motivate you to improve your risk management. Disadvantages - Investment in process, risk management and claims handling is needed. - Balance sheets will need to be robust enough to fund smaller losses.

Any questions? Please don’t hesitate to contact one of our team.

Matthew.collins@ascendbrokingold.co.uk  |  Office: 01245 449061

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