Who Is Industry Risk Consultants?

Industry Risk Consultants (“IRC”) has relationships with insurance companies, agents, brokers and affiliates that educate their respective clients about the benefits of utilizing an 831(b) Plan, commonly known as captive or microcaptive insurance. IRC has partnered with  SRA the nation’s leading plan administrator, they deliver cost-effective, high-quality service to help small and mid-sized businesses protect their successful businesses—so the business owners  can rest easy knowing their business is safeguarded against potential risks.

What is an 831(b) Plan?

An 831(b) Plan, commonly known as captive or microcaptive insurance, helps business owners address unfunded liabilities. Similar to how the 401(k) tax code allows employers to set aside tax-deferred funds for retirement, the 831(b) tax code enables businesses to set aside tax-deferred dollars for risks that are underinsured or uninsured.

The 831(b) Tax Code was established in 1986 as a response to the Liability Crisis of the 1980s, which caused a tightening in the traditional insurance market. Today, we are witnessing a similar tightening in the Property and Casualty market, driven by growing economic volatility. Now, more than ever, it’s crucial for business owners to create a financial safety net to cover uninsured risks. By utilizing the 831(b) Tax Code, businesses can self-insure against enterprise risks like business interruptions, lawsuits, data breaches, supply chain disruptions, warranties, insurance exclusions, sub-limits, and more.

Who Benefits from an 831(b) Plan?

Small and mid-sized businesses form the backbone of the American economy. From healthcare to manufacturing and professional services, 831(b) Plans provide more than just risk management—they offer peace of mind. These plans ensure entrepreneurs have the support they need to not only weather market uncertainties but also thrive.