Home Remodeling Contractor

We engaged with a home remodeling contractor based in Philadelphia who had been in business for 20 years.  Due to the high quality of their work, an excellent reputation, and a strategic plan for growth, they had just surpassed $5M in annual sales.

The Problem: Insurance was a Blind Spot

The cost of their insurance coverage continued to increase, but their broker was only able to provide reactive service.  As a growing business, they knew they had increased risks but didn't have an understanding of how they could better protect themselves.

After a few initial conversations, we found that their insurance costs were very high comparative to the coverage they were getting, and that they had considerable exposure outside of what is typically addressed with insurance.

The Solution: Risk Management First, Insurance Second

Having identified their most significant exposure, we offered several options for filling that gap.  And it wasn't an insurance policy.  We helped the remodeling contractor set up agreements with their subcontractors that would transfer the most significant risks away from their business.

Through this process, we provided templated agreements that the client could customize.  Following that, we identified a strategy for implementing these agreements within their existing process.  We continue to support this part of their process when new challenges arise.

The Result: Reduced Costs and Improved Coverage

Over the course of several months, we built a strong working relationship with the contractor's team at multiple levels.  We found that there was an obvious fit to work together and decided the best course of action was to find an insurance carrier that could better fit their coverage needs.

With the work we put in place over the past several months, we were able to cut their General Liability rates in half and use the savings found to fill in the gaps in insurance coverage that had previously existed.

Ongoing Strategy

As the business continues to grow, we've set up a regular schedule according to what the client holds valuable.  Our regular services include:

  • Quarterly Risk Management Reviews with the client to stay on top of changes within their business and to monitor the projects we're working on together.
  • Audit Support and Review to make sure the audits are done correctly and the insurance carrier doesn't get any extra money.
  • Engagement with their team at various levels to reinforce the company's objectives and provide the education and information their team needs to successfully implement risk management strategies.

Our client set the goals of minimizing their costs and increasing employee buy in.  Through our regular reviews, we always looks for ways to maximize results towards these goals.

Why Should You Choose Stillwell Risk Partners?

Our goal at Stillwell Risk Partners is to be a part of your Trusted Advisor Team.  We won't sell you products you don't need and we'll give you the education and advice you do to make informed decisions.

Our systems are built to serve the needs of those who have require a higher level of expertise and service.

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