Captive insurance is the term you’re looking for. Specifically, group captives. When you own your insurance provider instead of self-insuring directly, you’re participating in the captive insurance industry, and there are a lot of ways to do it. Some businesses start captives to provide specialized coverage they can’t find on the market. Others use them for all their liability insurance needs, allowing them to set their own policy terms and control costs. If you’re liking the sound of that but looking into your cash reserves and questioning if you can back a new company just to service your existing one, group captive insurance lets you co-own with a pool of businesses whose insurance needs are similar to your own.
How To Find a Group To Form a Captive Insurer
Finding other companies who are also shopping for business partners for an insurance venture is not something you can just do by posting an ad on a site to recruit, you need someone who can broker those partnerships, who markets themselves as such so they hear from a variety of companies like your own. When you get in touch with that group and describe your needs, they will be able to find you other companies to partner with, and your insurance partners don’t need to be near you or in the same industry. They just need to be financially capable of the venture, with insurance needs similar to your own.
Managing Group Captives
Making an agreement about coverage types and costs and then funding the day to day administration of a service company you co-own can be difficult, especially if you have no prior rapport with your new partners. One of the key ingredients to success when you enter the captive insurance market is wise management. Luckily, many of the same brokers who set clients up with their own captive companies also provide management services, allowing you to keep the administrative tasks in the hands of a third party trusted by you and your new partners.
3 Things to Improve Office Atmosphere
Does your company seem a bit lackluster at the moment? Are your employees struggling? Take some time to reflect on the environment. Their actions and demeanor might be a reflection of the atmosphere. Create a positive, supportive business where people want to come each day.
Have an Upbeat Setting
People respond to what is around them. Is the office drab and outdated? If so, workers could be impacted by it. Know where to buy office furniture that is affordable and appealing. Consider comfort, color and function. Designing the area to stimulate cheer might improve productivity and mood.
Work on Team Building
Don’t just see your employees as individuals. Also, think of them as a group. Remember high school? You sat in a class with strangers. If you never bonded, that class probably meant very little. What about the teacher who created a familiar, encouraging environment? What about the class that helped you connect with others? It provided additional buy-in. The extra motivation was important. More likely, projects had more effort. Classwork was probably prepared better. Caring matters. Create that atmosphere for your employees. Consider team building. Try booking time in an escape room. This allows for critical thinking and team effort. Go to a movie together. Yes, leaving the office for something fun may just increase effort when they return. Cater a meal once a week. No dining at computers allowed. Give people time to decompress and share personal stories. Eating is a bonding activity. The term work doesn’t have to be synonymous with drudgery.
Don’t let employees struggle. Be in the building. Check in on their work. Praise their strengths. Support them when they need help. This could mean offering additional training or establishing mentor programs. Appreciate their hard work, and help them succeed.
Working hard is important. While paychecks certainly motivate, other factors can also influence productivity. Remember the atmosphere. Design a place that others desire.