West Coast Contractor Maximizes Risk Management Impact with Procore Risk Advisors' Subsidy Program

A reputable west coast firm with integrated design, architecture, project management, and general contracting is known for a high degree of collaboration and efficiency in commercial projects. Specializing in modern office space, they work closely with clients to translate strategy and business needs into spaces that inspire productivity and collaboration. Recognizing the critical role of effective risk management, the contractor was considering various options prior to renewing their portfolio of insurance programs.

The Challenge

A few weeks prior to their insurance renewal, the contractor sought assistance from Procore Risk Advisors to address their insurance needs. Procore Risk Advisors performed a detailed review and advised on coverages, helping the contractor make informed decisions to mitigate risks effectively. Using construction-specific expertise, Procore Risk Advisors also provided insightful guidance on insurance requirements for subcontractors, ensuring compliance and minimizing potential liabilities.

The Solution

Aligning with Procore Risk Advisors’ belief that tech adoption and risk reduction are highly correlated, the contractor joined Procore Risk Advisors’ Risk Management Technology Subsidy Program. The program aims to offset the cost of risk mitigation technology by offering cash subsidies to eligible contractors.

Working closely with the contractor, the broker at Procore Risk Advisors secured a comprehensive suite of insurance coverages, including general liability, workers' compensation, auto insurance, umbrella coverage, and professional liability insurance. At the recommendation of Procore Risk Advisors, the contractor also added cyber insurance to their portfolio, enhancing their protection against evolving digital threats.

The Results

The proactive approach to risk management, coupled with the guidance of Procore Risk Advisors, yielded tangible results. By participating in the Risk Management Technology Subsidy Program, the contractor positioned themselves to receive a cash subsidy payment after one year as a Procore Risk Advisors customer. This subsidy could potentially offset the entire cost of their annual Procore SaaS license.

With enhanced insurance coverage and proactive risk management strategies in place, the contractor is better equipped to navigate challenges and pursue their vision of transformative construction practices.

CASE STUDY