Whether you are a manufacturer, technology company, professional services firm or medical practice, forming a captive insurance company (CIC) is an effective way to improve your company's profitability.
A CIC is a private insurance entity that your business creates, owns and operates. Typically companies form CICs to self-insure against items that may be hard to obtain or very expensive, like cyber risk or environmental or pollution liability. Regardless of the size of your business, you are eligible for a CIC. Most businesses that form CICs have a minimum of $5 million in annual revenues.
To maximize the return your company gets on your CIC, you need to work with a CPA firm that has deep experience in tax laws, audit processes, and property and casualty regulations. Understanding the nuances of captive insurance regulations is critical.
If your CIC is not set up properly, your company is at greater risk for an IRS audit, which could pose serious financial penalties. Reduce that risk by working with the recognized industry leader in captive insurance, Habif, Arogeti & Wynne, LLP. In the last two years, we have enabled hundreds of companies to take advantage of CICs by offering them operational and implementation advice.
Our dedicated team of captive insurance professionals specialize in this service. Every day, the HA&W captive insurance team is advising people like you on the tax benefits of setting up a CIC.