Challenge: Rosen & Company assumed mid-term responsibility for an existing insurance program including a workers compensation plan written with the same carrier for the past three years. This manufacturer of fine textiles, maintained business operations in two locations: New York & New Jersey.

The New York location had 50 employees, operating as a sales showroom with clerical staff. The New Jersey location operated as a warehouse and distribution point employing another 50. The current insurance policy similarly rated and classified both locations despite their distinctly different operations and exposures. This incorrect rating classification resulted in the New York location’s cost at 446% higher than necessary.

Solution: Rosen & Company examined the results of the prior premium audit and compared those findings to actual Federal and State tax returns.  Coupled with a thorough review of our client’s payroll journal and description of individual work responsibilities, we uncovered the incorrect rating application in the New York location and notified the carrier for an immediate adjustment.

Conclusion: Understanding the nuances of an industry saves money.

Challenge: A large wholesale distributor hired a qualified insurance consultant to review their business operations and to make recommendations on their current commercial insurance program. The consultant completed a comprehensive review and noted coverage deficiencies. The insurance agent, however, confirmed that all coverage and limits currently in place met or exceeded the consultants report. In fact, they did not.

Solution: Rosen & Company studied the actual commercial insurance program written by the other agency. Our due diligence process uncovered 25 coverage deficiencies. Our subsequent amendments to these policies averted a catastrophic underinsured loss.

Conclusion: Due diligence process prevents underinsured loss.

Challenge: When the owner of 15 commercial real estate buildings in lower Westchester County came to Rosen & Company, we discovered a gap in their flood coverage.

Solution: Rosen & Company advocated the need for this coverage. The client secured the proposed coverage, and within six months the business sustained significant flood damage to 10 of his 15 buildings during a 24-hour period.

Within two hours of receiving our client’s call, all impacted buildings were effectively evacuated and the remediation process began. Rosen & Company was on the scene for the remainder of the day and those that followed; coordinating clean-up efforts and documenting damage. Despite a declared city flood emergency, our client was back in operation within three days. Neighboring businesses were out for months.

Conclusion: Understanding risk factors can prevent financial stress.