A Different Type of Contractor

Our client runs a contracting business where they create green spaces in urban environments.  Their work includes building green roof top decks and gardens along with fully functioning green walls inside of buildings.

The Problem: A Lack of Understanding and High Costs

The client's previous broker failed to understand the scope of the client's work and wasn't able to represent it properly to the insurance company.  In addition, the client used a national payroll service to place their Workers Comp policies.  This resulted in a few problems.

First, the insurance carrier didn't truly understand the client's operations and the right insurance product was not in place to cover the scope of his operations.  Furthermore, some of the policies were expensive and unnecessary.

Second, the payroll company hid the true cost of the Workers Comp policies which allowed them to charge twice the rates the client should have been paying.

And to top all of this off, the broker who sold the client these policies disappeared entirely in the three years following the sale of the policies.  The client was paying more than $100,000 annually but was relegated to a service center.

The Solution: Cost Reduction through Risk Identification and Communication

The first thing that needed to be done was to get a real understanding of the client's unique operations.  While they had some easy to understand operations, the things that made them unique needed to be clearly understood.  Once that understanding was in place, we worked through a process to identify key risks within their operations and how they were managing those risks.

The client was already doing more to mitigate those risks than what most contractors of their size were doing. One of the common problems with insurance quoting is that the business owner has no idea how they are being represented to the insurance companies.  By working closely with this client, we were able to create a comprehensive submission to our insurance carriers. We reviewed this in collaboration with the client in a transparent manner that allowed active participation in how we sold his business to the insurance companies.

In identifying the things they were already doing and communicating those clearly through the underwriting process, we were able to obtain the coverage specific to the client's needs, and at a significantly improved cost.

The Result: Reduced Costs and Ongoing Support

The tangible results to their insurance costs were staggering.  They were previously paying $114,000 in insurance premiums.  We reduced their costs to $86,000 while adding in coverage they were previously lacking.

By providing ongoing support through quarterly reviews and proactive engagement on various obstacles and roadblocks, the client found significant time was returned to him to focus on other areas of his business.

Why Should You Choose Stillwell Risk Partners?

Our goal at Stillwell Risk Partners is to be a part of your Trusted Advisor Team.  We won't sell you products you don't need and we'll give you the education and advice you do to make informed decisions.

Our systems are built to serve the needs of those who have require a higher level of expertise and service.

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