Alternative Risk Solutions

Alternative risk transfer (ART) is a new market with added insurance benefits. It allows companies to purchase insurance coverage and transfer risk through customized plans.

Popular forms of alternative risk solutions include Self-Insurance, Risk Retention Groups, Insurance Pools, and risk transfer from owned subsidiary companies to the parent company. We will help you understand all the alternative solutions available for your business. With so many risks, it is important to purchase coverage for crucial liabilities that might create a significant or catastrophic lost.

We can help find the right solution for your company

With so many loss exposures that a company may face, buying a standard insurance policy may not be the best solution for use of your finances. An alternative risk solution may be a better use of those finances, due to frequency and severity of losses. A better solution maybe using an alternative risk solution that can cover loss exposure without increasing annual premiums. For instance, self-insurance plans allow your company to bear some of the financial risk without depending on an insurance policy. However, a self-insurance program isn’t for everybody and your advisor should work with you on the best solution for your company.

Pooling is another popular solution if you seek lower premiums. It involves joining other companies for a bigger buying power capable of bargaining lower premiums from major insurers. Companies can also come together and form their own insurance company (Risk Retention Groups) operated under state guidelines. There are several alternative risk solutions available. Our advisors will help you examine all alternative insurance solutions to identify those with quantifiable benefits for your business. We will also advise you of emerging risk solutions and other dynamics within the communications and technology sectors.

Frequently Asked Questions

• Do truckers need general liability insurance? 

  General liability insurance is different from trucking liability insurance. They sound similar but cover very different things. You don't need it like you need trucking insurance, but it's still very beneficial coverage to have.  With general liability insurance, you cover things associated with business, not trucking or transportation themselves. A couple of these coverages include: 

  • Bodily injury and property damage that occurs due to a covered incident. 
  • Personal or advertising injury. 
• What does trucking insurance cover? 

  Every trucking insurance policy is a little different from the rest based on your or your company's needs. That said, there are several common coverages you can include when building your trucking liability insurance policy.

• How much does trucking insurance cost? 

  Your commercial trucking insurance premium can vary a lot from someone else's, even if you're in similar situations or have similar policies. Some factors that affect premiums include:

  • The type(s) of vehicles you're insuring.
  • How far vehicles are traveling per year.
  • Types of cargo. Drivers' driving records.
  • The location of your center of operations.
  • Standard operating radius.
  • How you store the vehicle(s).
  • Amount of coverage you opt for.

  As commercial trucking insurance professionals, we strive to know you and your worries. We spend time listening and learning to serve you better and help you find solutions. You've worked hard to build and promote your trucking operation. The next step is to protect it. We'll assess your risks and help you tailor an insurance policy. We'd love to chat with you. Contact ComTech-Leavitt Ins. Services today!

• Not sure which of these coverages is right for your construction firm?

  Our staff provides accurate and timely delivery of certificates of insurance. We also provide assistance and reviews of certificates and risk transfers. With our understanding of the design and administration of wrap-ups, we can help contractors navigate the construction defect litigation landscape. Our tailored risk management solutions enable contractors to respond to market fluctuations and better predict future costs.

• Who needs construction insurance?

  If you're in a construction business you should always have commercial insurance. Many businesses are required by their clients to carry specific coverages before they can work for them. Businesses involved in construction work often specialize in trades like:

  • Excavation
  • Home Improvement
  • Land Clearing
  • Remodeling
  • Home Building
  • Asphalt Laying
  • Welding
  • Fence & Deck Building
  • Concrete Laying
  • Stone & Granite Work
  • Roofing