We all hate paying insurance premiums, but it is a fascinating industry!
In this episode, Wesley Sierk reveals a way to insure your company that costs you less and makes you more. Wesley is a career insurance professional who came to realize that insurance companies always have the advantage. It motivated him to found Risk Management Advisors. He advises companies and high net worth individuals on how to structure and manage "captive insurance" companies that cover a number of industries.
“Any business that pays over a million dollars a year in insurance... is an ideal business to look at captives.” — @wesleysierk / @riskmgmtadvisor [0:06:40]
Along with explaining how insurance companies make a fortune, the metrics which signal an ideal candidate for captive insurance, and the benefits of setting up a company of this kind including real-world examples, Wesley also has some valuable advice to share regarding building financial resilience and how not to lose what you’ve built.
KEY POINTS FROM THIS EPISODE:
• An explanation of what captive means in the context of insurance companies.
• When it makes sense for a business to set up their own private insurance company.
• An example of what captive insurance can look like in the construction industry.
• Cannabis - the industry which struggles most to get insurance.
• Different laws that govern insurers and reinsurers.
• Why Wesley refers to insurance companies as investment vehicles.
• Examples of things to be wary of in the insurance industry.
• The premise of Wesley’s first book, You Can Make It, But Can You Keep It?
• Examples of where things can go wrong when moving money offshore.
• Advice from Wesley around building financial resilience.
• Where the value of a business lies.
• A strategy Wesley recommends for holding onto your money.
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