Key Results
The Situation
A rapidly growing construction company faced significant challenges as their sub costs nearly tripled. Their existing insurance program had significant exposures, such as critical coverage gaps and no management liability protection. Poor broker representation left them vulnerable to unnecessary risk and excessive premiums during a crucial growth phase.
Why They Need Change
Dramatic growth with sub costs rising from $20M to $55M
22 identified coverage gaps leaving company assets vulnerable
Complete lack of management liability protection
Ineffective broker relationship hampering strategic planning
"Cottingham & Butler sat on our side of the table, working collaboratively to understand our business and create strategic solutions that actually worked."
The Cottingham & Butler Approach
Comprehensive Risk Analysis
Our evaluation process began with a deep dive into the company's current coverage structure and operational risk. By analyzing their needs, we created a detailed roadmap for program enhancements that allowed the company to continue to grow. Key findings include:
Conducted detailed coverage gap analysis
Assessed growth-related risk factors
Benchmarked current program against industry standards
Strategic Market Optimization
With a clear understanding of the company's needs, we activated our carrier relationships to secure optimal coverage terms. Our team's broad market knowledge and strong carrier partnerships enabled us to negotiate enhanced protection while reducing overall costs. Through this process, we:
Secured multiple competitive quotes
Negotiated enhanced coverage terms
Implemented cost-effective management liability program
Long-term Risk Management
Success required more than short-term improvements. We developed a sustainable risk management strategy that could grow with the company and provide ongoing value. Overall, establishing new protocols and systems for the company's long-term success. Our analysis delivered an impact financially, and created strategic improvements:
Resolved 19 out 22 coverage gaps
Added all five management liability coverages
Reduced total premium from $183,000 to $138,000