Alternative Risk Program
What is an Alternative Risk Program?
Financing your business’ risk through options other than traditional business insurance becomes important when you want to maintain overall control of your risk management program. The alternative risk insurance market usually includes captive insurance and elements of self-insurance, such as large deductibles or self-insured retention; however, many other approaches have evolved.
Your Business Insurance Customized
Alternative Risk Programs offer alternative solutions in this customized risk management program. Each program is analyzed specifically for your business and the cost vs. benefit outcome. We take in consideration the following elements:
- Business Cash Flow
- Best Case Deductibles
- Long Range Planning Goals
- Tax Efficiencies
- Costs of Establishing the Alternative Risk Program
How Does An Alternative Risk Program Work?
Creating a Group Captive Insurance Company that is for the sole purpose of insuring the risk of its members and nothing else, allows for covering your own risk at a less expensive cost. By only insuring the above average businesses it lowers rates and allows more control over your business insurance.
Many business owners who run their businesses in an efficient and safe manner become frustrated with the volatility and apparent arbitrary nature of premium costs for their insurance programs; especially when they continue to remain in Fully Insured programs. If a business’s insurance claims paid account for less than half of their premiums over time, they may fit in and be eligible for a Group Captive program – in a Group Captive businesses can be returned as much as 62% +/- of their Premium Costs.
The minimum premium for Group Captive programs is typically $100,000 in premium.
GDI Insurance Agency, Inc. We’re on Your Side
Even the most forward-thinking businesses experience losses, so it’s important to be ready with a comprehensive agriculture insurance program and risk management plans. The team at GDI Insurance Agency, Inc. can help you prepare your workplace so you’re ready to respond to a variety of scenarios.
You can start saving now by implementing safety and risk evaluation programs. We can provide you with guides, workplace policies and other resources so you can protect your bottom line right now
You’ll Have The Support Of Our Experts On A Continuing Basis
We don’t just make a sale and leave you hanging, here are just a few of the added value items we provide:
- We review your contracts
- Review your certificates of insurance
- Additional insured endorsements
- Full OSHA compliant safety programs
Our Risk Management Insurance Tools Will Put You in the Driver’s Seat!
Our agency can help you build solid loss control and safety programs to help you stay on top of your biggest risk management and compliance challenges, such as:
Interactive Risk Analysis Tools
Use these multifunctional tools to evaluate various pain points that are unique to the agriculture industry. Many of these tools can be customized for your organization’s specific needs, so you can see how your business is faring and learn ways to manage your risk exposures.
Injury and Illness Investigation Programs
Make sure that falls, chemical exposures and other injuries only cost you a single time. These resources can help you establish best practices for investigating the true sources of agriculture incidents and reduce the chance of costly reoccurrences.
OSHA, the Department of Agriculture and other federal agencies often release rules specific to the agriculture industry, and mismanaging compliance topics can lead to costly fines and a tarnished reputation. Use these attorney-written compliance tools to understand your obligations and make sure your business stays in compliance.
Response Plans and Programs
To ensure your long-term success, your business needs to be ready to respond to a number of common agriculture and farming risk exposures. These programs and response plans can help you and your employees be ready for a wide variety of scenarios, such as heat illnesses, vehicle rollovers, equipment malfunctions and silo emergencies.
Employee Safety Communications
Promote various workplace topics with hundreds of employee-facing resources, including flyers, articles, bulletins and guides that will help keep health and safety top of mind.
OSHA Compliance Programs
Does your broker provide you with timely updates on new and revised OSHA regulations?
OSHA constantly updates its standards and requirements, and even a single update can drastically impact the construction industry and your regular operations. We can provide you with attorney-reviewed documents that outline your obligations, making it easy for you to focus on your agribusiness projects instead of complicated OSHA rules.
Are you prepared for an Unannounced OSHA inspection?
If an OSHA inspection finds violations at one of your construction sites, you could face fines and watch your reputation plummet. We can offer you agriculture-specific compliance resources and inspection guides to help you address potential issues before they occur.
Does your Agriculture business comply with OSHA’s hazard communication standards?
Agriculture employees often have to work with or around hazardous substances, and even one incident can lead to serious injuries and costly fines. Our clients have access to agriculture-specific toolbox talks and articles, as well as workplace posters and hazard communication programs that can ensure your business is compliant with OSHA standards.
Learn About the GDI Client Philosophy!
If You Think This Sounds Too Good To Be True, Here Is What Just A Few Of Our Clients Have To Say about their Insurance:
"“…$385,000 less a year than we were paying
We looked hard at all our budget items, and insurance seemed to be a big fixed expense. GDI found us a policy for $385,000 less a year than we were paying”
-CA Home Builder
"…found me coverage for $140,000 less a year
When everyone else said that was the best they could do, I called GDI, and they found me coverage for $140,000 less a year than anyone else offered.”
-CA Cement Contractor
GDI Insurance Agency, Inc. Your Trusted Business Insurance Experts
As one of the fastest growing agencies in California, GDI Insurance Agency, Inc. is able to provide its clients with the latest and greatest of what the insurance industry has to offer and much, much more.
We are headquartered in Turlock, CA, with locations across the heart of California’s Central Valley, Northern California and beyond to provide a local feel to the solutions and services we provide our clients. We pride ourselves on exceeding our client’s expectations in every interaction to make sure that our client’s know how much we value and appreciate their business. Contact us today 1-209-634-2929 for your comprehensive alternative risk appointment!