Launchways specializes in providing growing businesses with the human resources, employee benefits, and business insurance services they require to maximize profits, foster buy-in among their workforce, and build a culture of overall excellence.
Business insurance is a crucially important piece of the puzzle for any organization, but we find it’s often the part that business owners take for granted. There’s a strong preconception out there that insurance is simply “the price of doing business;” that it’s a loss you need to accept to cover your risks.
At Launchways, we take a different approach to business insurance. When you fully understand the risks and hazards inherent in whatever it is you do and work with a broker dedicated to maximizing your economies of scale, insurance becomes an opportunity to improve both the day-to-day experience and overall bottomline of your business.
In this post we’ll explore:
- How Launchways approaches business insurance offerings
- Why Launchways’ blend of consultative & management services sets us apart from the crowd
- A real-world example of Launchways’ impactful approach to insurance in action
The Launchways Approach
Launchways didn’t become a highly respected brokerage in Chicago by simply selling people policies. We got where we are by providing businesses with the knowledge, mindsets, skills, and solutions they require to take the next big step in terms of efficiency and business success.
We provide a balance of empowering consultation (to strengthen your business from within) and managed services (to support your business from the outside). Let’s dive into some of the specific ways we help businesses improve their approach to business insurance.
Our Business Insurance Consultation Services
At Launchways, we take pride in the fact that we provide personalized consultative services to each and every client with the goal of increasing awareness of and literacy in the evolving challenges of business insurance and risk management. Here’s a sampling of the consultative services we offer to help business make the most of their insurance investments:
Mock OSHA audit
We carry out a full assessment of your business and workspaces, teaching you how to think like an OSHA inspector, modernize safety practices, and work with a complete understanding of regulatory guidelines.
Existing written safety program analysis
If your business is more than a few years old, there’s a chance that nobody within the organization clearly understands what your written safety programs and policies say or mean. We help you understand what your current policies entail, whether they are sufficient, and what changes or modernizations need to be made.
Workers compensation claims analysis by type of injury
We take a look at your WC claims history and break down your claims by injury type to identify areas of need and opportunities for improved safety procedures, training, etc. with an eye towards overall WC claim reduction.
Review of 3rd party contracts for alignment with your existing insurance policies
Do all your contracts address insurance in a way that’s consistent with and fully backed by your existing coverage? As time passes from your initial purchase date and personnel change in and out, businesses can unintentionally drift away from the safety of their insurance coverage. Identifying and closing these gaps is crucial to preventing losses.
Identifying & quantifying business interruption exposures
Understanding your areas of vulnerability and exposure is critical to preventing business interruptions. We help you deepen your knowledge of your exposures, strengthen your plans to prevent or fight them, and provide a second set of eyes to help you identify potential issues you haven’t anticipated.
Risk assessment analysis and score
In order to truly understand safety and see the path toward business insurance savings, your organization needs to be great at risk assessment – there’s no way around it. Our team has ten years of experience assessing organizations’ current approach to risk assessment and making recommendations for profit-protecting improvements.
Our Business Insurance Management Services
Launchways clients don’t just get great consultative services to improve their planning and overall approach, they also get the end-to-end support of one of Chicago’s best business insurance brokerages.
Here are a few examples of some of the practical insurance management services we offer:
Claims advocacy on all open claims
Once we’ve established a relationship with a business, we do everything in our power to protect them during claims and guarantee the overall health of their organization into the future. We help businesses maintain the speed and fairness of the claims process and pick up the slack on the insurance end to enable business leaders to focus on continuous operations.
Loss trend analysis
As we get to know you better, we continually look for opportunities to strengthen your approach. One way we do that is through data study and readouts that show safety weakness areas and suggest steps to address both frequency and severity of losses.
Premium projections based on current loss trends
One of the most frustrating parts of the business insurance dance is not knowing how your costs will change until your renewal packet arrives. Launchways works hand-in-hand with our clients throughout the year to analyze ongoing losses and provide real-time projections of what to expect next year and into the future in terms of premium rate adjustments.
We serve as your risk management expert
With many years in the insurance, HR, and employee benefits space, we’ve built a strong understanding of which risk, human capital, and business insurance moves are most impactful and best support scalable growth. We are always here for our clients as their trusted advisor to share best practices that will help support their business’ growth.
Case Study: How Launchways Built Value for Spice House
After 60 years in business, specialty food giant Spice House was acquired by a private equity firm in 2017. When that ownership change occurred, the company was non-renewed by its insurance provider, who was wary of the new owners’ aggressive expansion plan.
Looking for a provider who understood their growth objectives and believed in their ability to succeed with a calculated risk, Spice House partnered with Launchways to get the business insurance they needed to continue their expansion with minimal interruptions.
Not long after, a maintenance accident by a third-party contractor resulted in a fire that damaged Spice House’s building and destroyed a tremendous amount of their product stock. The result was a massive, complex insurance claim that Spice House’s internal team simply couldn’t manage without scrapping their planned growth initiatives.
That’s when Launchways stepped up to the plate and took the lead on the entire claims management process. We handled negotiations between Spice House, their landlord’s insurance company, and the contractor’s insurer, ensuring the claim was handled with the utmost attention to detail while the Spice House team prioritized the practical side of their recovery.
Thanks to Launchways’ support, Spice House was able to turn a moment of potential catastrophe into a moment of opportunity. In the months following the fire, they rebuilt their brand and physical retail space better than ever, helping them turn into the rapidly scaling business they’d dreamt of when they first made the acquisition.
To hear the full story of how Launchways’ HR and business insurance services helped see Spice House through their time of need and build new opportunities for profit, click here!
How to Learn More
Launchways helps businesses make the most of their current approach to business insurance and plan in ways that set them up for an even brighter future. We’re proud to provide a variety of services, including:
- Mock OSHA inspections and safety/risk assessment optimization
- Review of all practices, policies, and contracts for alignment with coverage
- Assessing the efficiency and value of your current insurance coverage
- Managing your claims process
- Serving as your on-call risk management advisor
- Helping you build a more data-minded understanding of your insurance state
If you’re interested in learning more about Launchways and how we help businesses strengthen themselves from the inside out, contact us today!