Many of you are in the midst of trying to do umbrella insurance renewals in the middle of one of the worst umbrella markets in history. In this video, I share a story of one of my clients, feeling the weight of the pandemic and needing to reduce unnecessary expenses. We were able to uncover a solution that came with surprising savings.
My client, a large oil and gas company, possessed a fleet of vehicles that required insurance coverage despite the pandemic reducing the company’s use of the fleet. In the process of renewing their insurance program, we were dissatisfied with the offers being made by their insurance carrier, so we decided to get creative.
We pulled the registrations from a number of the idle automobiles, which had a surprisingly positive impact not only on the company’s auto insurance premium but also on their umbrella liability premium. We were successful in reducing our client’s insurance expenses by 30% compared to the original solution put forward by their insurance providers.
In these challenging times, there are creative opportunities to reduce insurance expenses so you can focus on keeping your business running smoothly without the burden of complicated, unnecessary costs.