Risk & Insurance

Cutting Monetary Waste for a Plastic Recycler

Cutting Monetary Waste for a Plastic Recycler

The Client

A multi-plant thermoplastic recycling operation in South Carolina. They provide their customers—from Fortune 500 companies to large and small privately owned businesses—with industrial polymer modification services.

The Challenge

Polymer modification involves applying heat to plastic waste, which can result in harmful emissions being inhaled by plant workers. It was imperative their insurance coverage reflected their unique exposure, yet they weren’t confident their broker fully understood their business. They were concerned their workers’ compensation program had been set up incorrectly, leading to misclassification and their overpaying for their insurance.

The Solution

After scrutinizing their policy, we uncovered numerous discrepancies and confirmed their suspicions—they were overpaying by more than 40 percent. Their broker had failed to detect this major issue. We corrected the classification code on their workers’ compensation policy to correlate with their operation. Then we leveraged our working relationships with multiple insurance carriers to get the best quote and selected a more appropriate insurance company partner to write their coverage.

The Results

Correcting the misclassification saved them 40 percent on their annual workers’ compensation insurance renewal. After the improvement in their workers’ compensation problem, the client entrusted us to provide safety/loss control and compliance services as well. By consolidating their other policies with one carrier who better understood their business, we cut the cost of their program by more than 10 percent. Now the company has a comprehensive solution in place to address the specific exposures and needs involved with their industry.