Wow! Owning your own insurance company... That's an idea who's time has come - especially for businesses that are losing tons of money to pay for these increasing health-care insurance costs.
So, do you have a ballpark idea of what it actually takes to start up your own insurance company? How big does a business need to be, or what kind of money does it need to be making, in order for this kind of an arrangement to be worth the initial start-up costs?
It reminds me of stacking your own, physical silver & gold: "Be Your Own Bank." This is the kind of thing that can take a couple of generations to really get going, but it saves your family a ton of money in interest costs for loans on cars, houses, boats, whatever...
Great question, and thanks for your note. It typically takes $30,000 (low side) and $100,000 (high side) to set up an insurance company. If you can save more than $30k to $100k annually in insurance costs or taxes, your business will come out ahead.
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Most businesses that choose this route pay $150k or more in insurance or have $300k or more in excess profit.
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