Closing Critical Coverage Gaps for a Growing Manufacturing Company
After experiencing significant growth, the existing insurance policies of a privately held manufacturing company no longer reflected the scale or complexity of its business.
Hylant conducted a thorough review of their current policies using its Unplanned Cash Flow Analysis, which identifies all coverage gaps and illustrates potential financial loss. Collaborating with the leadership team, Hylant implemented tailored solutions to close these gaps, ensuring the company was fully protected as it continued to grow.
Challenge
The privately held manufacturing company had grown significantly, but their existing insurance policies no longer aligned with their evolving risks. Gaps in key areas such as cyber liability, supply chain continuity and umbrella coverage left them exposed to potential financial losses. A comprehensive review was necessary to ensure their insurance program adequately protected the business as it expanded.
Solution
Recognizing the urgent need to reevaluate the company’s coverage, Hylant conducted an in-depth review of the company’s policies and engaged the leadership team before implementing these key improvements:
- Cyber Liability Insurance: Using Hylant’s benchmarking software, our team recommended enhanced cyber coverage to protect the company from data breaches involving customer and employee information. The policy covered notification costs, legal fees and future attack mitigation.
- Dependent Business Income Insurance: Understanding the company’s reliance on a single supplier for raw materials, Hylant provided coverage to safeguard the company’s revenue from supply chain disruptions.
- Commercial Umbrella Coverage: Hylant corrected an error with the underlying workers' compensation carrier, ensuring the company’s umbrella policy would respond in the event of a large claim. Coverage was benchmarked to match their growth trajectory.
By addressing these insurance gaps, the company now operates with robust protection, allowing the leadership team to focus on continued growth with peace of mind.
Comprehensive insurance solutions are essential for protecting a growing business from evolving risks. With the right partner, you can ensure that your coverage adapts to your business’s needs and continues to safeguard your future.
Results for the Client
Reduced Risk Exposure
The company significantly decreased its vulnerability to cyber security breaches, supply chain disruptions and large claims by closing critical insurance gaps.
Stronger Operational Security
Enhanced cyber liability coverage now ensures protection of sensitive data, minimizing operational downtime and safeguarding the company’s digital infrastructure.
Peace-of-Mind
With comprehensive coverage in place, the leadership team now has peace-of-mind, knowing their business is well-protected from unforeseen risks, allowing them to focus on strategic growth.
Trusted Advisors
Hylant team members are ready to advise you and help you confidently address your needs.
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