Coverage Review Helps Growing Business Reduce Premium by More Than 20%
The owner of a growing tree-trimming and removal company was concerned that his multi-million-dollar company had not had a comprehensive review or analysis of its insurance coverages for many years.
Hylant was referred to the business owner and quickly began a comprehensive review of the existing program.
Challenge
The organization owner’s concern was magnified by the fact that the business had grown substantially over the past decade. Had coverage kept up with the growth in exposures? If not, how could that affect the company?
Solution
Hylant worked with the business owner to audit all policies, contracts, fleet programs, employee handbooks, etc. The evaluation identified significant areas with redundant coverage, coverage gaps and uncompetitive carrier partners. After presenting these findings, Hylant offered a significantly improved program that added coverage and reduced overall costs.
Premium spend was reduced by more than 20%. Umbrella limits were increased by $3 million, and property limits were increased based on the joint evaluation of all companies within the organization, providing increased protection across the business.
As your business evolves, your insurance must reflect the changing risks. Work with a broker who will take the time to study your organization and provide ongoing support to help you achieve your goals.
Results for the Client
Decreased Premiums
Overall premium was reduced by more than 20%.
Increased Coverage
Property insurance and umbrella coverage limits were increased to properly protect the client’s assets.
Continuing Effectiveness
An ongoing risk evaluation process was implemented to ensure this business remains well protected as it grows and changes.
Trusted Advisors
Hylant team members are ready to advise you and help you confidently address your organization's needs.
