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Self-insured Retentions Explained
Self-insured retention (SIR) is a self-insurance mechanism used by some organizations to manage their insurance costs. Under a liability insurance policy with an SIR provision, the business must cover a set dollar amount before the insurance company begins to pay out claims. SIRs allow businesses to retain or manage more risk since they are responsible for handling and paying claims as long as the claim is below the dollar amount specified in the policy. This…
