Utah Risk Management Consulting knows and understands these complexities. Our years of experience and exposure to a myriad of businesses and risks allow us to guide you through this complex process of properly protecting what you have built, using the best possible risk management strategies for your business.

The Risk Management Identification Process

URMC will work with the business-owner, evaluate the complexity of the business, identify the revenue and resources of the business, find the pain points and identify the risks the business is exposed to, and determine the best possible way to protect the business against those risks.

Business Complexity

How many businesses and owners are involved? What’s the industry? How many customers and suppliers are there? How many employees? Is it seasonal? What’s the annual revenue? How long has it been in business? How many locales does it operate in? What types of regulatory oversight are required? All these questions and many more need to be considered when determining insurance needs.

Risk Analysis

Identifying the complexity of the business will help identify the risks. How complicated is the supply chain? How expensive is the equipment to repair and replace? How critical are the key employees? How will a global pandemic impact the business? How critical are the principals’ reputations? Does the business provide product warranties? How often do losses occur? Can administrative actions cripple the business? What else keeps the business-owner up at night?

Determining the Right Risk Protection Strategies

Is commercial insurance readily available and cost effective? Does the business have cash flow concerns? Is there a significant tax burden? Is it more efficient to self-insure? Can the business’ risks and protection be grouped and/or combined with similar businesses? Is captive insurance the right solution?

Is Captive Insurance Right For You?

When considering captive insurance as an option, you will be faced with a wide range of factors to determine the best captive insurance needs for your business. You will need to consider:

Is captive insurance cost-effective?
How important is regulatory oversight?
Which type of captive program do I need?
Where do I want to domicile my captive?
Which management firm will suit me best?
How does risk distribution come into play?

Choosing the right captive insurance strategy, and the right captive management company will save you regulatory headaches, keep you on the right side of the tax code and in the long term save you money. Utah Risk Management Consulting has the expertise and connections to ensure you are set up with the very best situation for your business needs.

Choosing a Captive Management Program

What size captive insurance company is best for the business? Does the business need warranty policies? Can the business group risks with similar companies? Will the captive insurance company require risk distribution? Where is the most suitable domicile for the captive insurance company? All these things should be considered when selecting not only the best captive insurance strategy, but the best captive insurance manager.

There are dozens of captive management firms around the country – each with their own specialties, favorite domiciles, and preferred risk distribution pools. One size does NOT fit all! Choosing the right risk management strategy, and the right captive management company will save you regulatory headaches, keep you on the right side of the tax code and in the long term save you money. Utah Risk Management Consulting has the expertise and connections to ensure you are set up with the very best situation for your business needs.

Board of Directors / Resident Agent

If you have a captive insurance company domiciled in Utah, you’ll need a resident member of your board for your corporation. URMC has served as a resident agent and board member for dozens of companies and actively coordinates and participates in dozens of board meetings every year.

Services