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Case Studies
Situation: A medium-sized business has had an inordinate amount of employee accident claims over the past 24 months. As a consequence, their workers compensation premium has risen dramatically.
Intervention: We developed a risk management program that emphasized employee training on workplace safety. Through a series of "Lunch & Learn" meetings, we raised the level of employee awareness to risk exposures.
Result: The company's loss experience decreased by 35% in one year resulting in reduced premiums, improved morale, and increased efficiency.
Situation: A wholesale business was advised by the agent that they were getting the best premium possible for their property and casualty insurance based on the type of products they distributed. As a result, the owner never bothered to shop his insurance because he trusted the broker. When the premium kept rising, he finally decided to investigate further but didn't know how to start.
Intervention: We sent his insurance package out to several agents to compete. The incumbent agent chose to not market to any other insurers. The competition revealed that there were several insurers willing to aggressively bid for the business. The business owner didn't have to do any of the work during the process.
Result: We found a superior policy at a lesser premium. The client saved 43% on the premium and walked away with better coverage. In addition, he saved time and frustration by not having to do the work himself.
Situation: A new client requested a full analysis be done on their insurance because their agent was not local and didn't provide an annual review. The client employed 45 people between two locations. During the analysis, we found that they didn't carry any Employment Practices Liability (EPL).
Intervention: We decided to send their insurance out to bid and asked all competing agents to include EPL coverage as an option. After a thorough negotiation process, a new local agent was chosen and EPL was recommended even though it meant an increase in premium.
Result: Within 3 months of the new policy being issued, the client was sued by an employee. The cost to defend was included in the EPL policy. All costs associated with the claim were covered under the policy. Had they not purchased this coverage that before now they weren't aware of, they would have had a substantial loss just in defense costs.
Situation: A commercial contractor was issued a warning by the Department of Labor & Industries for not having enough water on a job site. The contractor became concerned with the possibility of being fined for other safety issues, but didn't have the time or expertise to handle on his own.
Intervention: We developed an ongoing safety program to address the employee safety and regulatory requirements for the contractor. A series of trainings dealing with Fall Protection, Hazardous Communication Standards, Heat-Related Illness/Injury, and Ergonomics to name a few was implemented.
Result: The contractor has never been fined and continues to receive excellent reports from inspectors. In addition, the safety for the employees is improved, which leads to fewer claims and lower liability and workers compensation premiums.
Situation: A large organization streamlined its operations and eliminated an internal risk management position. They hired me as an outsourced consultant to help them analyze and manage their Property & Casualty insurance.
Intervention: In reviewing their policies, we found that in trying to fill a gap left by a large deductible, they had created a coinsurance problem. They were set up to suffer a significant penalty for being underinsured even though between the two policies they had adequate limits.
Result: We immediately contacted the agent, who wasn't aware of why this particular limit had been chosen, and endorsed their policy to include an Agreed Value provision, eliminating any chance for a coinsurance penalty as a result of a loss.
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