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January 26, 2016

Complete Insurance Audit Yields Improved Coverage and $600,000 in Annual Savings (article)

If words had feelings, “audit” would assuredly feel maligned and misunderstood. You say it and tend to cringe at the same time. It just sounds so painful. Truth is, an audit can be a business owner’s best practice for business review and planning. An audit is simply an examination. Let’s face it – you put certain business processes and tools in place and assume they continue to be as effective five years down the road as they were when first implemented. An audit helps you evaluate and revise. A recent CBIZ insurance audit illustrates the point. 

Our client manages several multi-family properties in multiple states. Properties had been acquired over several years. Our insurance audit program identified both gaps in coverage and opportunities for savings to the tune of $600,000 annually. Even sweeter, in addition to improved coverage at a lower cost, the client’s assets returned increased market value based on decreased operating costs. Outlook for the new year: not only rosier than expected, but there are now plans on the table for expansion through acquisition. For this client, “audit” has a friendlier sound to it these days.

Does this case resemble your current situation? If so, feel free to reach out to Greg Cryan for a friendly discussion. The full case study is available for download.

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