2021's labor market forced employers to re-evaluate salaries. On average, raises were around 3.8%, outpacing past average increases. Fast forward to Q1 2022, and the cost of living for workers rose 16.9% in San Antonio. Companies are now needing to make cuts to continue moving forward in this down market. Insurance is one piece that should not be negotiable in decreasing. Alternative risk programs are a great way to move into a down market and control your premiums.
Captives: Alternative Risk Programs
Alternative risk programs have been used for many years to reduce costs, improve risk management, and save on taxes. The following are reasons your company should be in a captive work comp insurance program: