Insurance policies help manage the costs of damage. This can be from severe weather events, wildfires, earthquakes, lightning strikes, and so many other perils. Still, there are situations where insurance may not cover a loss or only part of it. Consider:
- Deductibles: A portion of the loss is paid by the policyholder.
- Underinsured losses: Losses where there is insufficient coverage.
- Uninsurable and/or unidentifiable risks: Think about COVID-19.
The impacts of COVID-19, a peril not covered under many policies, was particularly impactful on businesses. Damages included loss of business income, potential worker compensation issues, extra costs for safety measures, and ongoing expenses with no corresponding benefits (such as rental costs for unused office space).
By adopting a proactive and comprehensive approach to risk management, businesses can better navigate uncertainties and business risks. Van Carlson has built a company around helping businesses survive after disasters and thrive in some of the most challenging insurance markets seen in many years.
Van is the founder and manager of SRA Admin, a company that focuses on risk assessment for businesses and utilizes Section 831(b) of the Internal Revenue Code to help businesses plan for the unexpected. An 831(b) plan can provide businesses with a financial buffer for many situations – think of kind of like a 401k plan where it’s okay to take some money out for emergencies, before you retire.
So, come and explore some of the challenges business face in managing risks and some of the creative solution available.
SRA 831(b) Micro Captives for Business Owners - SRA 831(b) ADMIN
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