Issue
After more than a decade with the same insurance broker, this craft beverage company’s property and casualty (P&C) program had become largely static, with limited strategic review, little transparency around broker compensation, and few proactive recommendations. At the same time, the company was preparing to expand into a larger restaurant and event space, creating new operational risks.
Meanwhile, the company’s relationship with CBIZ was deepening. Through the acquisition of its long-time accounting and audit firm, CBIZ had supported the business for more than 20 years. More recently, the employee benefits team helped implement a new PEO solution. With only the P&C program remaining with an outside broker, leadership asked CBIZ to review the structure and identify opportunities for savings and improvement.
Solution
CBIZ’s multi-service approach provided unique value. Institutional knowledge from more than two decades as the accounting and audit partner informed the P&C advisory team’s review, enabling a more tailored and strategic approach.
CBIZ collaborated across service lines to simplify the client experience, improve transparency, and align the insurance program with the company’s near-term goal of reducing costs before its next growth phase.
Key strategies included:
- Full program audit to identify inefficiencies and unnecessary coverages
- Deductible restructuring to better align with the company’s risk tolerance
- Elimination of a $10,000 broker service fee that was not tied to defined services
- Introduction of safety, loss control, and risk transfer strategies for hospitality expansion
- Evaluation of transit coverage options to reduce shipping and logistics costs
- Coordination with CBIZ technology consulting to support additional operational needs
Outcome
By consolidating insurance, accounting, and benefits with CBIZ, the client gained a more coordinated advisory relationship and a clearer, more strategic approach to risk.
- Transitioned P&C program to CBIZ after 10+ years with incumbent broker
- Immediate annual savings from elimination of $10,000 broker service fee
- Projected additional 10% premium savings at renewal through structural changes
- Enhanced safety and risk management planning for new hospitality operations
- Expanded CBIZ partnership to include technology consulting
“I find that insurance brokers are often very bad at explaining things, but CBIZ] explained everything very clearly and helped me understand the options.”
– Chief Operating Officer
| Company Information | |
|---|---|
| Industry | Beverage Manufacturer and Distributor |
| Geographic Footprint | New York, NY (with national/international distribution) |
| Number of Employees | 50 |
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