When outdated policies and inefficiencies threaten growth, a strategic insurance shift can unlock savings, simplify processes, and deliver peace of mind.
THE CHALLENGE:
A fast-growing company in the tech space approached Summit with an insurance portfolio riddled with a web of misclassified policies, scattered renewal dates, and overlapping coverages.
Key policies, like employment practices and directors & officers insurance were redundant, while crucial protections for cybersecurity and ad tech-specific risks were nonexistent.
This complex and inefficient setup not only inflated costs but also exposed the company to coverage gaps and unnecessary risks.
To make matters worse, high deductibles on policies like their Employed Lawyers coverage added confusion.
WHAT WE DID:
Summit stepped in to streamline and strengthen the company’s insurance strategy, saving time, money, and providing peace of mind. A thorough analysis identified gaps, misclassifications, and inefficiencies that were driving up costs.
By reclassifying key policies, such as the tech errors and omissions coverage, Summit ensured the company had the right protection for high-risk areas like cybersecurity.
Redundant policies were eliminated, consolidating coverage under existing plans, which simplified their insurance and reduced premiums.
Summit also streamlined the renewal process by aligning policy dates, cutting down on administrative work, and improving financial planning. These efforts resulted in annual cost savings, better coverage for the company’s unique needs, and a more efficient, cost-effective insurance strategy.
THE RESULT:
As a result, the company saved $15,000 annually, aligning coverage with their specific needs while cutting premiums.
The new plan provided stronger protection, especially for technology and cybersecurity risks, while simplifying future renewals and reducing administrative burdens.
The organization is now exploring having Summit take on additional service areas, including evaluating the organization’s benefits plan and workers’ compensation insurance.
