Hospitality businesses that proactively assess facility hazards and implement safety best practices for workers and guests stand to gain from a captive insurance like HUB’s Convergence.
A captive is an insurance company owned and operated by its member companies, insuring their own risks. Ideal for those with a strong safety record, the ability to proactively control their risks and for hospitality businesses spending as much as $500K on annual insurance premiums, a captive brings member companies unique benefits – namely the ability to recoup annual insurance premium dollars.
Rather than pay an annual premium to a third-party commercial carrier, a group captive allows business owners with good risk management practices to reap the underwriting profits at year’s end. Premiums from a captive are set aside in a loss fund for the use of paying claims. Depending on the group captive’s annual losses, up to 60 percent of annual premium dollars can be earned back by member companies.
With low industry margins, hospitality businesses that are actively looking for creative ways to lower costs and recoup expenses are a great fit for a group captive. Offering best-in-class hospitality companies that are already controlling their risk a new avenue for savings, a group captive is a unique investment solution.
Captives will offer customizable insurance with different coverage options to their group companies. HUB’s Convergence insurance captive offers those that have better than average loss experiences and are committed to safety and risk management the following insurance solutions and risk services:
- Workers’ Compensation
- General Liability, including Liquor Liability
- Auto liability and Auto physical damage
- Claims management and advocacy services
Specifically designed to meet the challenges of hospitality industry exposures, HUB’s Convergence is ideal for mid-to large-size hospitality organizations with their losses under control. As with any group captive, participants are also backed for catastrophic losses by an A+ rated insurance carrier.
Contact your HUB hospitality specialist to find out if HUB’s Convergence insurance captive is right for your hospitality business.