As a Government IT Contractor, you’re responsible for ensuring your company is protected from liability claims. Some IT Contractors may opt for self-insurance or general liability insurance; however, these methods are largely inefficient compared to the robust protection offered by risk retention groups.
Government IT Contractors can protect themselves against liability claims through coverage provided by a risk retention group like GovTechTM. Read on to find out more about the benefits of coverage from a risk retention group.
What Is a Risk Retention Group?
A risk retention group (RRG) is a specialized insurance company providing coverage to a homogeneous group in a similar service or industry. RRGs are federally regulated under the Liability Risk Retention Act of 1986 and are authorized to provide liability insurance in every state.
GovTechTM provides coverage for Government IT Contractors, creating policies that are focused on the specific needs of these professionals at a more competitive price than large insurance companies.
Because of the unique way in which risk retention groups are set up, there are many benefits with choosing this liability coverage option for your company.
The Benefits of a Risk Retention Group
The following benefits are just some of the reasons why a company may choose to join a risk retention group:
Federally Regulated
Since RRGs are federally regulated under the Liability Risk Retention Act of 1986, they can provide consistent, industry-specific coverage policies across all 50 states. This gives professionals nationwide a more tailored insurance alternative to other insurance companies.
Focused Coverage
Those insured in an RRG provide unique perspectives on their risk and coverage needs that help inform the creation of policies available to them. This allows RRGs to provide more focused coverage options compared to the regular insurance market.
Policyholders at GovTechTM regularly provide suggestions and feedback to help shape policies that will best suit their needs in the government IT industry.
Increased Stability
RRGs serve one population, so they are able to underwrite coverage in ways that better benefit the whole group. Since the policyholders have similar risks associated with their businesses, they enjoy more stability in policy coverage and rates.
Shared Interest
Working within the same industry, policyholders in an RRG can better understand their coverage needs and insurance options through discussions with other policyholders in the group.
Policyholders at GovTechTM have opportunities to attend industry-related events where they can network with other Government IT Contractors. By sharing insights with each other, policyholders can make sure they’re receiving the most appropriate insurance coverage for their company.
Professional Guidance
Established RRGs provide members with underwriting services and guidance on which coverage options are best suited to their business needs. This is invaluable, as professionals within their respective industries receive the most relevant advice about how to better protect their companies.
GovTechTM is also connected with a network of vendors who can provide additional coverages and services to policyholders. GovTechTM provides referrals for specialized vendors in the government field for needs like cybersecurity policies, human resources, and more.
Choose GovTechTM for Your Risk Retention Needs
Protecting your Government IT business from associated risk starts with a free quote from GovTechTM. With knowledgeable underwriters and years of experience serving the nation’s top Government IT Contractors, GovTechTM provides the coverage options you need for your business.
Find out how GovTechTM can help with your liability coverage needs today.