Even though you may think you are covered, the reality is that many companies have insurance policies that do not cover all their business exposures. Unfortunately, these coverage gaps can mean the difference between a thriving organization and closed doors.
The Whitlock Group partners with you to actively seek out the answer every CEO asks: Does my insurance policy fully protect my business?
We have been able to affirmatively answer this question for our clients. Continue reading to find out how.
Our Analysis
Do You Know Whether You Have Gaps in Your Insurance Coverage?
The Problem:
- An international manufacturing client operating in the U.S. needed to add a new policy. They received a quote from their current agent but felt it was high. English wasn’t the executive’s native language, so one of our employees who is fluent in the language fully explained the policy and coverage.
The Whitlock Group’s Business Operations and Policy Review Process:
- Discovered that the new policy quote from the current agent excluded punitive damages, which was a must-have due to the product being manufactured.
- Reviewed the current Workers Compensation Policy, which had a high premium. After 2 years with no claims, we thought we could secure a lower premium.
- Asked to review all the policies and discovered the property policy included premises liability but excluded product liability.
How We Improved Coverage:
- Obtained a policy including punitive damages and saved the new client 27%.
- Moved the Workers Compensation Policy to a different insurance company and saved the new client 21%.
In total, we saved the new client about 25% in premium costs while closing gaps in coverage.
Do You Need a Free Insurance Check Up?
- The legal counsel for a business that provides professional services felt confident that their insurance policies covered them, but asked us to perform a free Insurance Check Up to review business operations and insurance policies to confirm they were fully protected.
- Conducted interviews and physical inspections.
- Found that operations making up 80% of the business were excluded from insurance policies.
- Discovered the General Liability Policy excluded services provided daily to customers.
- Policies excluded Abuse and Molestation coverage, which is a common risk for organizations like a Med Spa or Aestheticians who provide professional services to clients.
- Obtained coverage for professional services.
- Closed the General Liability coverage gap.
- Changed the Workers Compensation Policy to pay-as-you-go, which avoided audit issues and improved cash flow.
- Developed an Incident Report for all locations to use and trained staff on how to report incidents.
Soon after participating in our Insurance Check Up, this organization utilized the incident report, staff training and post-incident consultation to counter a faulty lawsuit!.
Are You Being Non-Renewed Due to Losses?
- A client was referred to us by their CPA because they were being non-renewed due to the frequency and severity of losses.
- Reviewed prior losses.
- Did a deep dive into claims history.
- Performed a physical inspection.
- Met with the management team to discuss how they handle incidents.
- Created an Incident Report and trained staff in its use.
- Reviewed subleases for service providers and recommended insurance changes.
- Made recommendations on how to minimize slip and fall exposures.
- Leveraged our partnerships with many insurance companies to obtain quotes.
- The client secured a quote having a loss history over 100% for the previous 5 years.
Initially, they paid more, but after 2 years of controllig losses by implementing the process we recommended, their premium decreased by 50% to be more in line with the market.
Do You Have Service Problems with Your Current Agent?
- A local wholesale operation with multiple national locations approached us because of service issues with their current agent.
- Performed an extensive review of business operations and insurance policies and found these significant gaps:
- Property policy excluded theft.
- Umbrella policy only extended over Georgia and not operations in 3 other states.
- No loss of income coverage at locations outside of Georgia.
- The same operations were classified differently by location/state.
- General Liability policy was missing endorsements required by buyer contracts and vendor contracts.
- These are only five coverage gaps of many we found in our policy review.
After our free in-depth review, we secured quotes from our insurance companies that closed all the gaps from their prior policies.
The Big Takeaway
Does Your Insurance Policy Fully Protect Your Business?
The Whitlock Group has a proven track record providing Insurance and Risk Management Services that can save your organization time, money and stress. We are more than a policy provider; we are a partner that wants to protect you and your business.
To learn more, simply contact us to get started.