Short excerpt from a Hunter Nelson YouTube video giving practical insurance cost-reduction advice: tell your insurer what changes you will make and implement them, which should reduce premiums over time; once risk is demonstrably low, consider alternatives such as joining a captive, increasing self-insured retention (SIR), raising deductibles, and buying back retained exposures to further lower insurance costs.
Go tell the insurance company what you plan on doing, then go do it. They'll save you some money first, the first year, and you keep doing it. And after you guys got. You're like, heck, yeah, I'm as low as risk possible. Go to a captive, get sirs high, raise your deductible. Go find insurance companies. Like, holy crap, these what these guys have done. I'm gonna make stupid money off them. Shoot, yeah, they are. And that's what you guys want, because then, you know, you're really low risk. And once you guys qualify for a captive or high SARS or whatever, your insurance is going to go down. You can stop paying for insurance on some of the stuff. Like, you can go be a captive and just start buying back some of that exposure, right.
