Success Stories

Your risk management program will be carefully developed by a member of TechAssure using the accumulated knowledge and expertise of our network, which serves over 4,000 industry companies. Each success story reflects individual company circumstances but they are very representative of the experience enjoyed by the hundreds of new clients that select a TechAssure member each year.

Following are quotes as well as summaries of recent successes:

  • “I have been very impressed with the depth and breadth of (TechAssure member) offerings and their high level of professionalism. They were able to identify potential holes in our coverage in addition to potential cost savings. With so many would-be business partners out there, it’s great to have the NVCA stamp of approval to identify top tier vendors, these guys have been a great resource for in the short time I’ve been working with them”
    • Tara Farnsworth, CFO, Focus Ventures
  • “We were insured through a giant broker and had been very trusting. When we won a new contract and had a short time to implement additional coverage we were shocked at the pricing so we called in a second opinion referred by our attorney. The TechAssure broker was able to analyze our needs and secure quotes within 7 days. The pricing was ¼ of that quoted by the other broker – and we promptly switched. What was even better was that in the coming months our new broker exceeded our expectations on service and has earned our respect as a partner.”
    • VP Finance, $50 million revenue IT Services company
  • “We were told by our generalist broker that the best he could do was a General Liability policy for $220,000 in annual premium due to our product for the U.S. Air Force. Our CPA referred us to a TechAssure broker and they met with us the very next day and brought the actual underwriter from a major carrier. After a 90 minute discussion about our product and the wording of our contracts, he authorized a quote for $30,000 the next day and we bound coverage for all lines.”
    • Director of Contracts, $28 million government contractor
  • A TechAssure member was introduced to a portfolio company by a managing partner from their VC firm. The CFO at the company had a long relationship with a large broker and completely trusted them, however, agreed to a review of the D&O policy.This review revealed that there was an absolute exclusion for products liability. The company manufactures a complex organ care product, as such their entire business IS their product. With this exclusion on their D&O policy, there basically was no coverage in the D&O policy sold to them, as it excluded claims arising from their business (the product). The client was under the belief that his products liability would cover this, but the TechAssure broker educated him on the fact that a products liability policy provides coverage for bodily injury and property damage, not pure financial injury resulting from mismanagement (that’s D&O). The TechAssure broker provided quotes using the NVCA portfolio company management liability program and was able to develop far superior coverage for less cost. The CFO promptly dismissed the other long-time broker for failing to identify such a coverage gap and awarded the entire account to the TechAssure broker.
  • A company was US domiciled but most of the operations were in Switzerland. Their D&O insurance was placed by a very large broker with one of the three largest insurers in the world. This was a public company that had recently privatized and the broker team seemed to lose interest with the change. The coverage was not amended after the go private transaction. It didn’t even provide entity coverage and had major shareholder exclusions and professional exclusions, etc. It cost over US$200,000 a year. The TA broker was able to immediately (less than two weeks) cut the premium in half. Coverage was then offered through the VentureInsure portfolio company program and the pricing dropped to US$33,000! Coverage gaps were eliminated and significant improvements made. The VC now refers all their business to this TechAssure member.
  • An existing TechAssure client won their biggest contract ever, but inherited a 160 person workforce with severe Workers Compensation losses and workplace safety issues. The TechAssure broker met with the management team of the new contract and assessed the workplace environment and analyzed past losses – occurring mainly due to violations of written procedures. The broker implemented a Safety Bingo™ program that, in the first year, trimmed costs from $460,000 to under $70,000 (including the prizes for the bingo program). This increased the customer’s profit margin by over 20% and also resulted in an improvement in employee morale. [Safety Bingo™ is not affiliated with TechAssure Association, Inc. – please visit www.safetybingo.com to learn more about their program]