Traditional insurance policies have a wide range of coverages. While most businesses can find policies to protect their business, they do not always find coverages that are within their price range. For those in niche areas of business, insurance hunting may be even more difficult.
If you cannot find an affordable business liability insurance policy that covers your specific needs, then you may want to consider finding coverage through a risk retention group.
What Are Risk Retention Groups?
A risk retention group is made up of businesses with similar liabilities. Generally, these are businesses within the same industry. The risk retention group or RRG has to be licensed as a liability insurance company in a domicile state.
What Are the Advantages of RRGs?
When you join an RRG, you have partial control over the risk and litigation issues. In addition, you do not have to worry about bundled services. You can tailor your policies to meet your business’s needs. The biggest advantage is that it creates a stable market of insurance rates. You don’t have to worry about being overcharged for custom insurance.
Finding insurance policies that would protect your company isn’t always the difficult part of insurance hunting. The difficult part is finding insurance within your price range. For those in niche areas of business, however,