Advanced Preservation Inc.

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Advanced Risk Protection

Business Owners- Get Better Business Protection with Unique Tax Benefits

Risk protection is an important and necessary expense for all business owners. Every business owner we meet has property and casualty coverage to protect their business. Most standard policies include general liability, workers comp, auto and property coverage.

At Advanced Wealth Preservation, we teach business owners three things about their P&C coverage.

  1. How to more efficiently pay their existing commercial coverage by looking at their deductibles and exemptions.
  2. How to insure up to 69 additional risks not covered by their commercial lines of coverage.
  3. Explain how 92% of Fortune 500 companies self-insure…and how they can too.

Business self-insurance is known as Captive Insurance. Fortune 500 companies have been self-insuring for over 50 years. One of the earliest and best known captive insurance companies is AllState. Allstate started out as Sear’s captive insurance company before later becoming a separate company.

You see other examples of corporate self-insurance every day. You see it when you write a check to insure a Federal Express package, UPS shipment, extended warranty on your car or extended guaranty at Best Buy. That insurance check does not go to State Farm, Prudential or any other commercial insurance company. It goes to Fed Ex’s, UPS’s, GM’s or Best Buy’s self-owned insurance company.

Fortune 500 companies have used captive insurance companies for years now to insure the risks of the parent company and its subsidiaries. In the early days most captive insurance companies were set up in Bermuda due to cost. In 1974 Colorado was the first state to pass legislation that allowed captive insurance companies to be domiciled domestically.

Fast forward to today where 40 states now actively compete with one another for captive insurance business. The good news is state competition has driven down the costs of owning a captive insurance company and there has never been a better time to self-insure than today.

Congress is also encouraging small and middle market owners to self-insure for improved risk protection for their business. Examples of self-insured risks include:

  • Cyber Risk
  • Business Interruption
  • Product Liability
  • Legal Defense
  • Environmental
  • Supply Chain
  • Virus Losses
  • Force Majeur (i.e. Hurricane and floods)
  • Key Customer Loss
  • Loss of Key Employee
  • Etc.

There are also wonderful tax benefits that come with self-insurance, however, there has to be a real need for self-insurance before one can look at any tax benefits.

Captives are complicated and should be created and reviewed by competent tax lawyers, actuaries and CPA’s. At Advanced Wealth Preservation we work with some of the country’s most experienced captive insurance experts so you and your business keep compliant with captive laws and regulations.

Contact us today for your free captive insurance evaluation to see if and how you can benefit by self-insuring.

Call: (908) 444-4599

How Can We Help?

Business Owners

  • Advanced Tax Free Savings Plans
  • Advanced Sale and Succession Strategies
  • Advanced Risk Protection
  • Advanced Premium Financing
  • Advanced Mezzanine Financing
  • Advanced Business Coaching
  • Advanced Tax Planning
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Call: (908) 444-4599

Advanced Wealth Preservation Inc.
7 Farmstead Rd.
Short Hills, NJ 07078

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Copyright Advanced Preservation Inc. [READ DISCLOSURE]
Investment Advisory Services offered through Brookstone Capital Management. LLC (BCM), a registered investment advisor. Advanced Wealth Preservation and Brookstone Capital Management are independent of each other. Insurance products and services are no offered through BCM but are offered and sold through individually licensed and appointed agents. Any comments regarding safe and secure investments, and guaranteed income streams refer only to fixed insurance products. They do not refer, in any way to securities or investment advisory products. Fixed Insurance and Annuity product guarantees are subject to the claims‐paying ability of the issuing company and are not offered by Brookstone Capital Management. Third party ratings and recognitions are no guarantee of future investment success and do not ensure that a client or prospective client will experience a higher level of performance or results. These ratings should not be construed as an endorsement of the advisor by any client nor are they representative of any one client evaluation. The National Social Security Advisor certification is obtained by completing and passing a certification exam and requires biennial continuing education. The NSSA certification is not affiliated with or endorsed by the Social Security Administration or any other government agency. More information regarding the certification can be found at https://nationalsocialsecurityassociation.com.

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