When dealing with multiple business locations and intricate insurance policies, insurance renewal can be stressful. In the spring, we took over the insurance portfolio for a local restaurant chain with five locations. The task at hand was clear: streamline their insurance coverage, negotiate with carriers, and ultimately secure the best possible terms for our client.
Overview:
To kick off the renewal process we first took a look at their needs while working closely with the carrier on their behalf. This resulted in 15% of savings for this chain.
Nick Hart, a producer who is very familiar with the restaurant industry, discovered that the audits from the previous term were making them pay an additional premium.
These audits, communicated by the previous agency, had resulted in a seemingly hefty additional premium that our client was asked to pay. Upon closer examination, he quickly revealed that something was wrong.
“I asked our client if it had always been that way with the old agency and he said yes. He felt like they had paid an additional premium of a large sum every year,” said Hart.
Hart took a look into their audits from 2020-2021. Their general liability audit during this time was an additional $7,300 when they only owed $300.
“Not only were we able to save them money on their renewal for this year, we were also able to help them get $7,000 back from two years ago,” said Hart.
This success story serves as a reminder of the power of a strong partnership and the importance of ensuring our clients’ best interests. It’s not just about negotiating lower premiums – it’s about being vigilant, detail-oriented, and dedicated to rectifying errors that may have otherwise gone unnoticed.
Our role as insurance professionals extends beyond just managing policies; it’s about being advocates for our clients. If you’re tired of feeling uncertain during insurance renewals or suspect that past audits might have been mishandled, consider reaching out to us.
