Issue
When a new CFO joined a national chocolate and confectionery manufacturer, she immediately began reviewing key vendor relationships and costs. As a publicly traded company based in Colorado with retail locations nationwide, it needed an insurance program that protected operations while supporting financial discipline.
The existing broker relationship had grown stagnant. Leadership wasn’t receiving proactive ideas or guidance on how to manage insurance costs. With 15 policies already up for renewal and another upcoming, the company lacked clear insight into whether its coverage matched its changing risk profile.
The CFO wanted more than a standard renewal. She needed a partner who could review the program in its entirety, identify opportunities to control costs, and ensure the company maintained the necessary safeguards to manage risk proactively.
Solution
Our team conducted a thorough review of the company’s insurance portfolio. We examined each policy, evaluated coverage levels, and looked at how the program aligned with the manufacturer’s operations and growth plans.
Our risk advisors then created a strategy to enhance the program by:
- Reviewing all policies to identify coverage gaps and inefficiencies.
- Exploring new insurance partners who could offer stronger value
- Negotiating better pricing and terms for the company
- Providing clear recommendations ahead of the upcoming renewal
Rather than simply renewing the current structure, we redesigned key parts of the program to better support the company’s financial goals and risk management strategy. Leadership chose CBIZ as its new insurance advisor for our thorough analysis, prompt responses, and practical recommendations.
Outcome
At the first renewal under our guidance, the client lowered its annual insurance premiums by $49,933 while maintaining strong coverage. By partnering with CBIZ to reevaluate its insurance program, the company was able to:
- Save $15,000, reduce financial exposure, and expand coverage by switching cyber insurance providers.
- Cut nearly $35,000 by transferring several liability policies to a more competitive insurer.
- Add global coverage with a $2,500 international companion policy to address protection gaps.
The result is a more cost-effective insurance program, better alignment between coverage and risk, and a more proactive advisory relationship. The manufacturer now approaches renewals with greater clarity, improved service, and a program designed to support both protection and long-term growth.
| Company Information | |
|---|---|
| Industry | Food & Beverage |
| Geographic Footprint | National |
| Number of Employees | 130 |
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