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Every year, construction companies spend billions of dollars on workers’ compensation, general liability and auto insurance. Large construction firms often leverage an insurance captive, which is a structure that allows them to insure themselves. For those outside the insurance industry this might sound very strange–a company insuring itself? But in the construction industry, amongst the biggest companies, it’s fairly common.
Captives have yet to be made easily accessible to small and mid-sized construction companies, which is precisely where BuildCaptive comes in.
The company, founded by Tom Whitaker, aims to democratize the captive structure for SMB construction firms. Previously, Tom was CEO and founder of Harness Software, a construction safety startup, acquired by Foundation Software. Through Tom’s work in the construction industry, he saw the potential of insurance captives to create immense value for SMB companies.
An insurance captive is an insurance company that is owned by the policyholders it insures. Captives provide a number of benefits, including predictable premiums tailored for the participants in the captive, better control of claims, and a new profit center. The money set aside for the captive that goes unused towards claims can generate additional revenue for the companies in the captive.
To learn more, here are 5 myths about captive insurance.
Tom joined Highline Beta’s Venture Studio to officially launch BuildCaptive. We will work closely with him & industry collaborators to build the MVP, accelerate growth and raise additional capital.
We see immense potential in the idea of democratizing captives for construction companies. Many SMB construction companies don’t believe captives are for them–and that’s now going to change.
To learn more, visit https://buildcaptive.com.
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