Self-Insurance: What It Is, How It Works, and Its Pros & Cons

February 27, 2025
Cartoon-style illustration of self-insurance showing a protective umbrella over money, a piggy bank, and documents symbolizing financial risk management and security.

What is Self-Insurance? Self-insurance is a risk management strategy in which an individual or a business sets aside a reserve of funds to cover potential losses instead of purchasing a traditional insurance policy from an external provider. It is typically used for predictable, high-frequency, and manageable risks. Self-insurance can apply to various areas, including health…

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