Insurance Audits
Insurance is routinely purchased as a commodity product without careful consideration for the specific needs of the entity. The result – most companies waste millions of dollars on insurance that does not adequately protect their business. Corporate Protection Group assesses your current business operations and insurance program to identify coverage gaps and premium saving opportunities.
Scope of Work
- Corporate and operational review
- Risk and exposure assessment
- Insurance policy wording review
- Coverage and risk gap analysis
- Coverage design recommendations
Case Study
Background: A large industrial company wanted an independent review of their insurance program. The company operated in several high-risk industries and paid excessive insurance premiums as a result. In addition to their cost concerns, they were worried about potential insurance gaps and whether all of their operating activities were in fact covered.
Solution: As part of our insurance and risk review it was discovered that there existing insurance program was poorly designed and contained several cost and coverage inefficiencies. Corporate Protection Group proposed carving out the high-risk business lines and working with specialty carriers who better understood those unique exposures.
Outcome: Executing on our new insurance strategy, Corporate Protection Group redesigned the insurance program to address the existing coverage shortfalls. The reorganization of their insurance programs not only provided better coverage, but also resulted in a seven-figure savings on their annual insurance premiums.
Benefits to our clients
Insurance Strategy
Re-examine the cookie-cutter approach to insurance procurement and establish a holistic insurance strategy that evolves with the growing needs of your business.
Minimize Coverage Gaps
Align your insurance coverage to the unique needs of your business, positioning you for optimal protection and profitability.
Avoid Unnecessary Losses
Protect your balance sheet and have confidence knowing that your insurance program will respond the way you intended in the event of a claim.
Save Money
Reduce your insurance premiums and broaden your coverage through a more collaborative and strategic approach to insurance procurement.
Our Clients
