SilverStone Group was contacted by a large feed manufacturer who had an inexpensive insurance program. Although the premium outlay seemed acceptable, there were many concerns about the insurance carrier’s stability. The current agent did not seem to take the time to truly understand the client’s business, and there was no real long-term risk management plan in place to help control losses. The insurer penalized the client for loss activity during difficult years but offered no real loss control mitigation services. Additionally, the insurer was not financially stable; if a large loss had occurred, it would have been questionable as to whether the carrier would have been able to respond. As a result, this client was extremely uncomfortable with their entire risk management program.
SilverStone Group was asked to step in and quickly provided viable insurance options from carriers with strong financial ratings and comparable price points. Going forward, SilverStone Group identified areas of safety that would have the biggest impact on the client’s losses and developed a safety plan that could be implemented in a short time period.
Every year, SilverStone Group helps assess new ways to lower the client’s total cost of risk, making the organization more attractive to the insurance marketplace. It has become a team effort between SilverStone Group’s loss control and claims department and the insurance carriers’ loss control specialists. This client now contacts us for risk management advice whenever they consider major changes in operations. Our relationship today is a true partnership, and the client is moving forward with more confidence than in the past.