Program Business

Insurance Policies Based on Safety in Numbers

The age-old adage says there is safety in numbers, and insurance companies are no exception to the principle at work in this proverb. Loners are more vulnerable, and they make easier targets. Thriving groups, on the other hand, whether humans, lemmings, or businesses, help each individual stay safe and succeed.

Policies for Similar Services

The insurance sector has a type of coverage known as program insurance. In this arrangement, insurance customers, especially business owners and managers, with similar operations pool their resources to form risk purchasing groups (RPGs) or general alliances. By doing so, they leverage their buying power and can possibly get better coverage at lower costs. Articles featured on Program Business show that many types of industries can benefit from this type of coverage.

  • Ambulance services
  • Hotels
  • Restaurants
  • Mental health centers
  • Car dealerships

This type of coverage can help all parties—the insured as well as their clients—because policies can be tailored to specific industries to provide relevant coverage for precise issues.

Grouping Together

Certain industries with high-risk operations such as ambulance services, health care facilities, and public service providers including hotels and eateries may form a group to try to purchase insurance. The benefits of doing so include better coverage at more affordable prices. Good coverage benefits businesses as well as the patrons depending upon their services.