Enhanced risk management
The client's challenge
A company found that year after year the cost of business, property and health insurance was significantly affecting their profitability and bottom line.
Our solution
- review all insurance policies for adequacy of coverage
- review policies to ensure that insurance company was highly rated
- remarket all insurance for competitive bids
- determine if some areas are un-insured and others over-insured
- create an “insurance checklist” to be used annually at renewal time for each type of insurance
The results
- Workers Comp audit: protested and won saving client $42,000
- health insurance: reduced premium increase from 33% to 16%, keeping benefits and deductible intact
- business and property insurance: savings of 25%
- reduced risk of future uninsured scenarios