Protect Profits, Slash Tax Liability!
R. Kenner French discusses risk reduction strategies and tax strategies for small business owners. They focus on the concept of captive insurance, specifically the 831B captive. He explains how a captive insurance company can help small business owners transfer and mitigate risk while also providing tax benefits.
Kenner discusses the four-part test that a captive must pass and the various risks that can be covered by a captive. He emphasizes the importance of understanding the complexities of captives and customizing them to fit individual business needs.
Takeaways
• Captive insurance can help small business owners transfer and mitigate risk while providing tax benefits.
• A captive must pass a four-part test, including risk transfer, risk distribution, insurance principles, and fortuitous risk.
• Captives can cover a wide range of risks, including business interruption, political risk, key employee risk, and market risk.
• Captives should be customized to fit individual business needs and should not be used solely for tax purposes.
• Understanding the complexities of captives and working with experts is crucial for successful implementation.
Sound Bites
• Risk reduction strategies and tax strategies
• Covering risks that are typically not covered by traditional insurance
• You are in control of the money in your own insurance company
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