One of the smartest things that you can do for your high asset business is to talk to your insurance company and enroll in a Deductible Reimbursement Policy, or a DRP. Here are just two of the major benefits to this type of coverage option.
More Manageable Costs for the Insured
When you have a DRP in place for your business, your insured employees and staff will not have to pay as much out of pocket for the deductible. Policies that carry very heavy deductibles are often detrimental to the insured parties because if they are in an accident, they have no way of digging themselves out of it to pay their claim. Under a DRP, on the other hand, the deductibles are more manageable and if your insured employees are involved in an accident or need to make a claim, the cost will be much easier for them – and you.
Schedules and Payments that Work for Everyone
Having a DRP in place means that individual policies will mimic the larger policy as far as the terms go. This allows you more flexible scheduling for making payments and because the range of available coverage options is so wide-anywhere from $500,000 dollars to millions of dollars-the captive insured is better able to keep the insurance policy within its budget. A Deductible Reimbursement Policy carries with it many advantages besides providing great protection for your business.