Purchasing resources for Reinsurance

In general, reinsurance is understood as insurance for insurance companies. In networks that can span states, nations or even the globe, reinsurers help distribute the risk and damage from catastrophic events, like riots or natural disasters, in manageable increments.

Sure, it's easy to pass reinsurance off as something only the big insurance companies need to worry about. Nevertheless, does your company have a financial risk management plan in place? Are you self-insured for worker's compensation? Is your worker's compensation provider adequately reinsured? The following information will help you to evaluate your need for, and then secure, reinsurance providers.

1. Educate yourself and your employees about reinsurance solutions and requirements.

2. Check for statewide or nationwide reinsurance associations in your area of business.

3. Access reinsurance services, if necessary, through a third party.

Educate yourself--and your employees--with the latest reinsurance information

If you're new to the insurance industry, or dealing with employees who are, you should get you or them up to speed as quickly as possible. Reinsurance is a crucial element of distributing risk. Professional associations are your best bet for getting business leads, contacts and a quick education all at the same time.

Find reinsurance providers near you

You may find a number of statewide reinsurance organizations organized as a result of the FAIR (Fair Access to Insurance Requirements) Plans, enacted to provide insurance where it might otherwise be too costly or impractical to implement. However, reinsurance organizations also form around particular industry sectors (such as Health or Workers' Compensation). These groups help enormously in narrowing down the search for useful providers.

Consult with insurance risk management professionals

With volatile, complex market mechanisms in place, sometimes it's best to let the experts handle it. If your insurance/reinsurance division needs a little boost, or if you find yourself in need of third-party advice, reinsurance brokers offer easy access to reinsurance options while reinsurance consultants give you objective business advice.

• If you're having trouble choosing between reinsurance providers, consider asking for a list of past clients or client testimonials as evidence of successful service provided.