Captive Insurance: How it Works and Why You Should Consider It 

Captive Insurance: How it Works and Why You Should Consider It
Resources:
➤ Contact Wesley Sierk through these websites:
➤➤ www.turnriskintowealth.com
➤➤ riskmgmtadvisors.com/
➤ Taken Captive: The Secret to Capturing your piece of America's multi-billion dollar insurance industry www.amazon.com/Taken-Captive-...
➤ You Can Make It, But Can You Keep It? www.amazon.com/You-Can-Make-B...
➤ Invisible Bankers: Everything the Insurance Industry Never Wanted You to Know: www.amazon.com/Invisible-Bank...
Do Your Project Executives Need to Become Better Leaders?
➤ Book a 10-minute call with Eric Anderton to see if/how he can help (10minutes.youcanbook.me/)
What if there was a way to manage and control risk effectively all while lowering your insurance costs?
Today, we have Wesley Sierk with us, President and Lead Strategist at Risk Management Advisors - who joins us to talk all about captive insurance. Learn the types of captive insurance you can set up, the obstacles to getting started, and why you should or should not set up one in the first place.
This episode is especially for established and growing construction companies. And those who are looking to manage risk, save on costs, and boost personal wealth.
Go ahead and listen to this episode to get a better understanding of captive insurance!
Discussion Points:
0:00 Introduction
3:08 How long Wesley Sierk has been working in the insurance industry
3:58 What’s wrong with the insurance industry?
10:07 What is a captive insurance company?
11:16 Reasons why a construction company owner should get involved with captive insurance companies
12:47 How not being able to control premiums affects the construction company owners
14:08 The Experience Model
18:49 Is it possible to boost wealth through captive insurance?
23:45 Questions you should ask to find out if the captive insurance approach is for you
26:43 Different types of captives to consider
31:20 Transitioning from group captives to a single parent captive
32:56 What’s the best type of captive insurance for you?
36:45 What types of insurance should and shouldn’t be included in a captive?
38:18 Evaluating the rates of your captive on an annual basis
44:05 First steps to take in exploring the captive insurance option
47:20 Captive insurance is NOT for you if…
49:01 What’s a rent-a-captive?
About Our Guest:
➤ Wesley Sierk is the President and Lead Strategist at Risk Management Advisors, Inc. and an expert in the implementation, design and management of captive insurance. With almost 20 years of experience in the field, Sierk has unique insights into the world of captive insurance, asset protection and risk management. Today, his firm manages the second-largest number of captives in the world.
Connect with me on LinkedIn ( / andertoneric . For more podcast episodes, you may also visit my website (www.ericanderton.com/). Tune in and subscribe to the Construction Genius: A Leadership Master-Class Podcast on Apple Podcasts (podcasts.apple.com/us/podcast..., Spotify (open.spotify.com/show/4lfMWIe..., and Stitcher (www.stitcher.com/podcast/eric....
Thank you for tuning in!
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