Why Minneapolis Business Owners Are Rethinking Risk — And Turning to 831(b) Plans

In this post, Corey Smith breaks down why closely held business owners in Minneapolis are turning to 831(b) micro-captive insurance plans as a smarter, more strategic approach to risk management. From regulatory shifts and cyber threats to supply chain vulnerabilities, the gaps in conventional coverage are growing — and the cost of ignoring them is rising.

Corey explains how an 831(b) plan lets you create your own small insurance company to cover the risks your broker can't, while offering meaningful tax efficiency through premium deductibility and favorable investment income treatment. He also addresses the IRS scrutiny this space has faced head-on, emphasizing why proper structuring and compliance aren't optional — they're essential.

If you've been treating risk management as a checkbox, this is your sign to rethink that approach. The goal isn't to avoid taxes. It's to protect what you've built.