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April 27, 2017

Comprehensive Insurance Audit Enhances Coverage and Generates $300,000 in Savings

Client Profile

Industry: Construction
Entity Type: Corporation
Geographic Footprint: Regional
Annual Revenue: $180,000,000
Number of Employees: 300

CBIZ assists with information technology audit outsourcing.Problem

The client, a prominent general contractor in the Southeast, routinely uses subcontractors to complete large construction projects. During a consultative discussion, the client expressed that they were confident that they had sufficient coverage if an incident occurred. Nonetheless, the client agreed to let us conduct a comprehensive coverage audit. The audit uncovered significant coverage gaps and pricing inconsistent with current marketplace conditions.

Solution

Armed with audit data, we identified construction defect coverage deficiencies in the liability policy. This gap in coverage could significantly expose the client’s assets, if an incident were to occur. We took a long-term business strategy approach to determine how we could provide the best possible coverage while protecting their assets. The insurance solution implemented eliminated the gap in coverage and reduced their total cost of risk. 

Outcome

Through a comprehensive restructuring of their entire insurance program, the client achieved enhanced coverage and $300,000 in annual savings. This savings allowed the client to deploy capital in other areas of their business, enabling for further company growth. Over the past three years of working with CBIZ, the client has saved over $900,000 in premiums with revenue growth from $130 million in 2013, to $180 million in 2015.

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