Before you decide to work with someone, you want to understand if they’re as good as they say they are – and if they can help you in particular. That’s why we wanted to share the real stories of some companies that we’ve supported recently.
Each example shows how we took the time to figure out the client’s business and their risks before using our expertise, sector knowledge, and agility to find a solution for their challenges – fast. Let’s take a closer look…
The tale of the tech accelerator who went direct
A tech accelerator is a time-limited programme for early-stage startups that offers mentorship, funding, and resources to rapidly advance their development and attract further investment. We’re seeing more and more accelerators being set up to help facilitate the growth of these new tech brands.
Accelerators face a variety of risks as a business, including potential errors in their own advice, managing the services of subcontractors who usually deliver the majority of the programme, and simple liability risks from the events they run. This particular accelerator had an insurance programme arranged directly with an insurer, which is rarely a good idea!
Having essentially had zero independent advice, the accelerator’s policies were a mess. RiskBox fixed multiple basic errors, enhanced the cover, and significantly reduced the overall premium with some simple restructuring and proper guidance.
The story of the animation studio who flipped their model
We love helping creative studios. It was one of the reasons we first set up RiskBox. Recently, we were asked to help a creative studio who had shifted their operating model so that freelancers delivered the work rather than employees – and we jumped at the chance.
The studio needed help adapting their own insurance so that they were fully protected for any mistakes or poor work from the contractors. This included amending the studio’s own policy, as well as advising on what insurance the freelancers should be obliged to hold and how to manage that task. It may sound simple, but we’ve written in the past about creative agencies using freelancers and just how much of a minefield it can be.
We analysed the studio’s current insurance programme and moved them to another provider who were comfortable with the revised business model. Along the way, RiskBox was also able to secure wider coverage and assist the studio in their transition.
The saga of the technology service provider who breached their contracts
From the smallest startup through to well-established and profitable ventures, technology companies often face complex risks. RiskBox were asked to help one such tech company who specialised in providing services to the financial sector. This meant they invariably had some large and onerous contracts to comply with. We couldn’t wait to get our teeth into them.
The company’s current insurance provider couldn’t meet these contractual requirements. So, using our five-step process, we took the time to fully understand the business and the risks faced. From there, we were able to put a programme in place that tackled their key exposures and ensured they were compliant with their contracts and regulatory requirements.
Now the company has the comfort to grow, being able to sign lucrative contracts and continue winning new business with a robust insurance programme giving them peace of mind should the worst happen.
Write your own narrative
At RiskBox, we’re here to help you and your business find the right insurance solution.
To see what your own success story could look like, reach out to the team on 0161 533 0411 or firstname.lastname@example.org.
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