February 22, 2023 at 00:38
Carson City, Nevada -
Las Vegas, NV-based Talisman Casualty Insurance Company LLC is inviting business owners, particularly small business owners, to consider signing up for one of the company’s self-insurance programs. While insurance may be notorious for letting down the individual or business in their time of need, self-insurance carries many benefits that virtually negate such issues. Talisman is able to help businesses make use of cell captive insurance in order to enjoy these benefits.
To many, self-insurance may not seem possible. After all, a business tends to need insurance only because it cannot run the risk of incurring too many losses. This is more true for small businesses and start-ups, which are often in sore need of capital to maintain their operations as they establish a foundation and secure their future. However, the company says there is a way to address this seemingly formidable challenge as well.
By getting admitted to a cell and becoming part of a wider reinsurance network, a business can work with partners that offer much more advantageous terms than conventional insurers. An additional benefit is the fact that such partners tend to be much more flexible as well, so the insurance in question is far more free to evolve in line with the business needs. In a fast-changing economic landscape, this is a vital component of growth and success.
Conversely, self-insurance can also mean establishing a legally ring-fenced entity in order to insure the business in question. This entity would, however, be controlled by the business itself, so it is free to dictate its own terms and policies, and the entity may be solely liable in the event of a setback. Intriguingly, only the assets of the entity can be used to pay off creditors and so on, and the business, therefore, maintains an effective degree of insulation from the overall risk. Naturally, even strategies of this nature have to be implemented correctly to ensure they work as intended, and this is where Talisman’s expertise can prove invaluable.
Talisman Casualty Programs are designed explicitly for the segregated cell insurance structure. The company explains that this solution can serve a specific section of the market — those who would otherwise find it extremely difficult to obtain insurance by conventional means. In essence, these are businesses whose risk was deemed too volatile for access to insurance, which unfortunately had the effect of stifling their expansion, if not shutting down their operations entirely. Talisman seeks to help businesses caught in this trap to free themselves via self-insurance, and their Programs are a testament to the numerous advantages this route offers.
“When you establish a cell correctly,” says Talisman Casualty Insurance Company, “you can begin testing models within the cell to tailor programs which may, in turn, provide opportunities for managing general agencies, managing general underwriters, associations, industry groups, and any sector of the market where capacity has been restricted access to insurance which they can participate in every step of the design and administration. This is made possible due to the ease and flexibility of modifying underwriting methodology, risk management, and risk ceding.
In other words, the true limits of such techniques are determined more by the extent of a team’s creativity and innovation, and businesses that participate may note certain immediate benefits as well, including lower costs, enhanced service and the opportunity for underwriting profits to be shared with insureds. Talisman further notes that the fragmented nature of the risk management industry allows entrepreneurs to monetize their ideas with greater speed and efficiency than ever before.
“While this may seem complicated, the truth is that much of it can be shouldered by your insurance partner,” states Talisman, “and we aim to be that partner. Cell captive insurance is our area of expertise, and our team is more than capable of getting you started — and then keeping your insurance needs accommodating for the foreseeable future — so you can get back to focusing on running your business. With our help, you can direct your attention to what is most important once more.”
The company encourages the business community to get in touch via phone or email. Talisman can also be reached via their social media platforms.
For more information about Talisman Casualty Insurance Company, contact the company here:
Talisman Casualty Insurance Company
7881 W. Charleston Blvd, Suite 210 Las Vegas, NV 89117