Talisman Casualty Is Redefining Claims Management For Modern Small Businesses
July 05, 2022 at 16:10
Carson City, Nevada -
Talisman Casualty Insurance Company is helping millions of self-starters and entrepreneurs around the country get better insurance coverage for their businesses by providing an innovative insurance model that is tailored to their specific insurance needs and works best for them.
The captive insurance model allows businesses to manage the risk of their ventures without the involvement of commercial insurance companies whose policies might not fully serve their needs. Insurance companies usually offer coverage plans that are designed for a range of industries. They may not be suitable for entrepreneurs who are operating in nascent industries where all the risks haven’t been mapped out yet. Businesses that are operating in industries still in their infancy need a way to evaluate the risks of their subsidiaries and get insured while exerting greater control on the terms of the insurance coverage. The captive insurance model allows businesses to reduce costs, insure against industry-specific risks, and have direct access to the reinsurance markets. Captive insurance companies are “captive” to the parent company and can write policies, set premiums, and decide whether the unused funds should be returned to the company in the form of profits or reinvested into future claim payouts.
A spokesperson for Talisman Casualty Insurance Company talks about its programs for small business owners by saying, “The pandemic was the spark that ignited the latent dreams of financial freedom and self-governance amongst millions of motivated individuals in the USA. According to the Census Bureau, in 2020, Americans started over 4.4 million new businesses. People are sick of the status quo and feel the need to throw their hat into the ring as they believe their innovative products and services can add real value. For these brave folk, why should the means with which they insure their business be any less revolutionary? Traditional commercial insurers are entrenched in red tape and an outdated mode of doing business. Their policies don’t meet the requirements of the entrepreneurs who are charting new territory and, with that, taking on more modern forms of risks. There is a huge gap in the market that is begging to be filled by insurance methodologies that recognize these challenges and offer products to help mitigate these risks. Captive insurance can fulfill this gap in the market and Talisman Casualty claims processing is the best in the business. We believe that we are on the cusp of a revolution in the insurance industry and businesses that are too grandfathered in their old methods will get left behind by the oncoming sea-change.”
Small businesses are perfect candidates for the segregated cell insurance structure. The risk assessment models can be tested within the cell. Each cell is statutorily segregated from others and the claims made against one cell cannot be covered by the assets of another cell. This compartmentalized model’s ease and flexibility in modifying underwriting methodology, risk management, and risk ceding have many advantages. It allows for the custom tailoring of programs that can provide opportunities for managing general agencies, managing general underwriters, associations, industry groups, and any sector of the market where the capacity has been restricted access to insurance, which they can participate in every step of the design and administration.
According to the Talisman Casualty Insurance Company, lowering cost, enhancing service, and sharing underwriting profits with insureds are just some of the benefits of small businesses utilizing cell captive insurance. The captive cell model allows for more creativity to manage the risks of modern businesses. Programs can be modified efficiently when analytical feedback is tailored to a certain group of program participants with a homogeneous purpose. The cell captive programs have many options in coverage and can be structured to transfer risk which needs a flexible underwriting platform. The consolidation of homogenous risk types in cell programs allows direct negotiating risk transfer in international insurance markets for savings to participants.
Small business owners who are interested in participating in a protected cell captive are encouraged to head over to Talisman Casualty Insurance Company’s website to find out more about the government-approved Talisman Casualty licensing.
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