Holmes Murphy has expanded their captive insurance subsidiary Main Street, to include businesses with 10 to 50 employees.
Main Street allows businesses to collaborate and form a healthy risk pool with rates that are lower than elsewhere in the market, which creates improved buying power for businesses.
Created in 2014 to help small- and medium-sized businesses to find a manageable solution to their health insurance, the captive insurer was initially only available to businesses with more than 50 employees.
The expansion will allow Main Street to provide small businesses with a way to alleviate the risk and cost of a self-insured plan.
Main Street has helped 14 Nebraska-based businesses develop insurance solutions and hopes to continue this trend with the new expansion.
Beau Reid, senior vice president of employee benefits at Holmes Murphy, explained that the move allowed the company to support smaller businesses.
He said: “With some uncertainty surrounding the current state of our healthcare system and what the future holds, businesses are looking to take matters into their own hands by joining captives.
“Especially, those in small town, main street America that are put into community rates which limit their options or they fall into a size category where they don’t receive any utilization data.
“Due to this, employee benefits providers must adjust and offer more solutions to allow companies the best options to manage their health.”
Reid concluded: “I’m excited for the expansion of Main Street to include businesses with 10-50 employees. This allows even more small businesses greater control over their health insurance costs.”