Business, by nature, is risky. Even with proper research and planning, business owners know to expect the unexpected. Nonetheless, part of proper planning may include business owners managing their own risks - such as certain casualty, property, and enterprise risks - by forming captive insurance companies to gain greater flexibility and potential cost savings. This article will help CPAs better understand the purpose and benefits of captives - as well as the options available, particularly for a middle-market business owner.