Bigger Isn’t Always Better When it Comes to Insurance

insurance

Insuring your business is a decision that can’t be taken lightly. While choosing to go with a larger national broker that’s well known may sound like a good idea, smaller agencies can offer you the personalized service you won’t find with a national broker, as well as the best savings on insurance premiums. That’s because smaller agencies take the time to get to know your business and your insurance needs and then find the best fit at the best price, rather than just pulling a quote as if all policies are equal. Today’s case study with Dasan USA will show how we helped solve some problems with the business’ insurance policy from a national broker and saved the company on their insurance premiums.

Dasan USA is the United States headquarters of a Korean guns parts manufacturer and has been in the United States for about two years. We had called on the business multiple times but did not receive a response, as Dasan USA was in the process of getting the business up and running.

Later on, Greg Whitlock stopped by the headquarters to speak with the contact we had at Dasan USA. As English isn’t the contact’s native language, Sean Merck, one of our employees who is fluent in Korean, went with Greg to make communicating with the contact easier. Dasan USA had just started a contract with a new vendor and needed a products liability policy. They already had a quote from their current agent, but felt the price was high. Greg offered to give them a quote and Dasan USA accepted his offer. After Greg received the information needed to begin the quote process, he discovered that the quote from Dasan USA’s current agent excluded punitive damages. As the products the company manufactures lend themselves to the risk of bodily injury and property damage, a products liability policy that included punitive damages was a must. We were able to obtain a policy that covered punitive damages for Dasan USA that filled in the gaps and saved them 27% on premiums. The large national broker didn’t perform an insurance audit of any kind; they just provided a products liability quote as if all insurance policies were the same.

Dasan USA also allowed us to take a look at the workers compensation policy they had in place. When that policy was originally taken out, the business was considered to be in the high risk market because it had no prior history in the United States. After two years, no claims had been filed and Greg felt we could do better. While most workers compensation policies are similar due to certain government standards, we were able to move the policy to a different insurance company and saved Dasan USA 21% after a market analysis.

Greg and Sean eventually asked for the rest of the business’ insurance and through our Insurance Audit process, more issues were discovered. Dasan USA thought they only had property and auto policies in place, but the audit revealed the property policy included premises liability but excluded products. We were able to broaden the company’s coverage while eliminating duplicate policies since Dasan USA had just taken out a products liability policy which included premises liability. The auto policy didn’t change too much, but we were still able to save the company a total of about 25% in premiums over all while closing the gaps in coverage.

Moving forward, we have remained very active with this client. Each time Dasan USA takes on a new client, we read over all the documents to ensure everything falls in line with the company’s insurance policies.

This is just another example of how our Insurance Audit helps uncover missing pieces of the insurance puzzle needed to protect businesses in the event that a claim is filed. It’s also a great example of how we build lasting relationships with our clients, as well as how we’re able to assist clients for whom English is not their native language. If you would like to request a quote or have questions about your current insurance policy and what could be missing, contact us at The Whitlock Group today.

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