Getting a Refund on Your Insurance Deductible
Whether you purchase a commercial or private use insurance policy, there is usually a deductible established with each plan. The deductible is the out-of-pocket cost that the policyholder will have to meet before then insurance provider fulfills its potion of the policy terms. By having a deductible reimbursement policy, the costs associated with the deductible could be reimbursed, making it so the policyholder wouldn’t have any fees that needed to be paid out of pocket.
Opportunities for Reimbursement
There are several different types of insurance policies that could potentially have a reimbursement plan option. Some of them include:
- Health insurance
- Auto insurance
- Professional liability
- Workers compensation
These policies are often sought after by companies that have more financially demanding deductibles. The higher deductibles are often associated with company policies like workers’ compensation or commercial general liability. However, the experts at Caitling Morgan Insurance say that captive insurers find the deductible reimbursement policies particularly beneficial for the insureds. There are several benefits associated with this use. They include:
- Reducing the third-party insurance expenses
- Leverage captive assess back to the insureds for other business needs
- Providing more control with risk management practice
- Greater control over claims processing
If you would like to see a better return on your insurance expenses, check with your insurance agents for deductible reimbursement options. Putting money back in your pocket is always a nice experience.