CASE STUDY
GC Benefits from Risk Management Subsidy Program to Cover up to 100% of Cost of Procore
Procore Risk Advisors Uses Tech-Enabled Narrative to Secure Enhanced Coverage for GL, Workers’ Comp, Auto, and Umbrella
The Challenge
A prominent Midwest general contractor was aiming to find an insurance broker and carrier capable of growing alongside their expanding needs. They were seeking a single carrier solution to mitigate rate increases and desired a unified policy effective date. Focused on commercial projects and specializing in self-storage facilities, the contractor had a track record of success.
The Solution
While seeking an expert insurance broker, the GC began exploring working with Procore Risk Advisors. The GC aligned with Procore Risk Advisor’s belief that tech-enabled construction management is risk management, and took advantage of Procore Risk Advisors’ Risk Management Technology Subsidy Program, which is available to qualifying contractors in certain states. The Risk Management Subsidy Program enables qualified Procore Risk Advisors’ customers to receive a cash subsidy to offset some or all of the cost of their risk mitigation technology.
Procore Risk Advisors facilitated the contractor's annual General Liability, Workers’ Compensation, Auto, and Umbrella policy renewals, streamlining their insurance portfolio for enhanced efficiency and ease of management. The contractor was previously covered by a non-admitted carrier. Procore Risk Advisors successfully placed them with an admitted carrier to provide better coverage and increased access to carrier resources such as claims services, risk control, and safety. Being a relationship-driven company, the ability to speak with their underwriter and develop a partnership was something that was important to them.
The Results
Procore Risk Advisors transitioned the contractor from a fragmented four-carrier program to a consolidated, construction-specific carrier, optimizing coverage without sacrificing cost-effectiveness.
- The contractor secured improved coverage and now has a strategic partnership with a carrier positioned for long-term growth.
- Procore Risk Advisors synchronized the policy effective dates, simplifying the administrative processes.
- The contractor is benefiting from expert advisory with Procore Risk Advisors and enhanced service and security from an admitted, first-tier carrier.
- By participating in the Risk Management Technology Subsidy Program, the contractor will be eligible to receive a cash subsidy payment after one year as a Procore Risk Advisors customer, which could equal up to the total amount of their annual Procore SaaS license.
LOCATION
Midwestern US
FIRM TYPE
General Contractor
Procore Risk Advisors (PRA) is a brand of Procore Insurance Services, Inc., a modern insurance brokerage offering Surety and Insurance products with its principal place of business at 221 W 6th Street, Suite 1800, Austin, TX 78701. Additional terms and conditions apply to the Risk Management Technology Subsidy Program. Licensing Information
PRA-131-04-24-2024