Whether you remain a small business practitioner or have managed to grow into a medium sized enterprise remains to be seen. Because no matter how sharp you are at managing your business, there are still parties and institutions that continue to take you for the proverbial ride. Fortunately for you, it has not reached the stage where you’re to be taken over the cliff. But it has been close. In fact, it happened already. And in spite of the dire warnings and institutionalized and regulatory responses that were made in the aftermath of the 2008 financial crisis, otherwise now known as the great recession, it remains sad, but utterly unacceptable to note that there are still those companies that condescendingly pride themselves as being ‘too big to fail’.
And consequently taking the general public, both commercial and domestic insurance markets, for one great big ride. Over the years and since the birth of capitalism, one scam has followed another. But nothing beats one of the greatest and longest-running scams of all time. The insurance industry. In spite of stringently applied new laws and regulations being applied, insurance companies in general continue to chance their arm. And, of course, the legal fraternity continues to benefit, financially, of course.
But not the insureds, under-insured, over-insured, do insurance agents and brokers really care. Never mind them. Soon they will be confined to the dustbins of scandal-ridden history. Captive insurance industry principles and practices have turned the entire insurance industry on its head. Brokers and agents do not like this one little bit. No commission payments for work not done are forthcoming. While captive insurance companies slowly but surely take one bite after another into the big apple, those too big to fail have yet to yield to the paradigm shifts.