Trouble Insuring Your Business? Consider Alternative Risk Solutions

There are 30.2 million small businesses in the United States in 2018, accounting for 99.9 percent of all US businesses, according to the U.S. Small Business Administration’s Office of Advocacy. With that many businesses existing, it’s clear to see that not every insurance plan will work out the same for each place.

When looking for business insurance in Dublin Ohio, you have to know your options as a business owner. That’s when alternative risk solutions come into play. Haughn & Associates (H&A) can work with your small business in order to provide a comprehensive insurance plan that covers all of the bases. Here’s why you should consider implementing alternative risk solutions.

Why Alternative Risk Solutions

We offer clients with complex, unusual, or difficult-to-insure risks customized alternative risk solutions. That means that your business can be covered, no matter how difficult it may seem. Some of these solutions include self-insurance plans, captive programs, large deductible plans and risk retention groups. If you haven’t had the easiest time finding suitable coverage for all of your business’s liabilities, these options may be better-suited to you.

Types Available

There’s a few different types of alternative risk solutions that a business owner needs to be aware of. Here’s some of the plans below:

  • Self-insurance Plans – These plans can be a few things–retrospectively-rated plans, large-deductible plans or qualified self-insurance plans whereby an organization chooses to pay its own losses up to a specified amount. In this case, many will purchase excess insurance in order to cover them from any potential future losses.
  • Captive Programs – A captive is a licensed and regulated insurance company that insures the risks of its owners, policyholder/ members, affiliated business or unaffiliated business and organizations, including non-profits. The captive pays for claims and assumes premiums.There’s multiple types of captives that your insurance agent can go through with you, finding the best plan possible for your business.
  • Loss-Sensitive Plans – Conventional insurance coverage that permits organizations to tweak their premiums cost based on loss experience.


Some of the benefits of alternative risk solutions include:

  • Control over your insurance program structure
  • Customized policy forms
  • Premium payment flexibility
  • Deductible flexibility (by location or by coverage line)
  • Reduction of total cost of risk
  • Ability to address risks not generally covered by traditional insurance
  • Tax efficiencies
  • And more

Make sure you contact an insurance agent today to find out what coverage you have available. H&A has expert consultation that knows alternative risk solutions inside and out.

About Haughn & Associates

Founded by Michael Haughn in 1986, Haughn & Associates is a full-service, family-owned, independent insurance agency based out of Dublin, Ohio. H&A strives to provide the best possible price and unique insurance solutions across a myriad of industries, including construction, IT, Habitation & Commercial Property, Agriculture, and Engineering. Devoted to providing the best of business insurance, life and disability insurance, personal insurance, employee benefits, and bonds, H&A is proof that success lies in long-standing client relations and satisfaction. To learn more about how H&A can be of service to you, contact us at (877) 802-2278.