Pharmaceutical Company Achieves $2M in Savings with Large Deductible Program
|Number of Employees:
As an international company with subsidiaries throughout the world and clinical trials in over 50 countries, staying on top of its insurance coverage was challenging. The life sciences client needed to satisfy the requirements for each country. They were also seeking cost effective automotive and workers’ compensation insurance for a recent acquisition.
We were able to establish reporting procedures in order to make the insurance coverage in each country a smooth and simple process for each subsidiary. By controlling all insurance policies, CBIZ was able to confirm that requirements were met in all countries. For the acquisition, we suggested a large deductible plan for the automotive coverage and workers’ compensation. This allowed the company to retain a portion of each loss through a substantial deductible and transfer losses in excess of the deductible to the insurer.
With these processes in place, the pharmaceutical company was confident that it met each country’s requirements. Additionally, with the large deductible plan the company was on target to achieve a savings of $2 million in the first year.
Upgrade Your Risk Management Approach
Learn how our expertise helps prioritize the key risks facing your organization.
Download our case study
Copyright © 2018, CBIZ, Inc. All rights reserved.