Closing Critical Coverage Gaps for a Growing Manufacturing Company

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.