Madison-based bb7 knows something about design. The 45-person product-development firm works with companies around the world to bring life to product ideas — from early-stage concepting all the way through production. Whether designing a breakthrough LED dental curing wand or a new range of ultra-powerful bicycle headlamps, bb7 calls upon its full range of in-house experts in research, design, mechanical engineering, electrical engineering, systems engineering, software development, prototyping, product/material testing, and commercialization.
When it comes to designing and refining their corporate insurance program, bb7 relies on Alper Services and our Team of Experts. bb7 first turned to Alper in 2015 for assistance with their trade credit insurance program, and a full review of their cyber and professional liability policies. Through a gap analysis, Alper’s Gary Kirshenbaum identified a significant hole in their cyber and professional liability policies. In short, more than half of bb7’s annual revenue originated from a U.K.-based client with an operating agreement that stipulated that any suits between the two parties would be tried in UK courts; and while their policies included a “worldwide territory,” the coverage only applied to suits brought to trial in U.S. courts. Alper immediately flagged this gap in the program and provided bb7 with options to expand coverage to mitigate the risk.
“We were clearly in no-mans land with our prior broker who was on set-it-and-forget-it-mode,” explained Leah Turner bb7’s Vice President of Finance. “Alper, on the other hand, has earned our ultimate trust through a genuine interest in what we’re working on and the diligence to explain what all of our coverages mean and how it relates to our specific risk.”
In 2018, bb7 expanded their corporate program with Alper to include property, general liability, workers’ compensation, commercial auto, umbrella, directors & officers, employment practices liability and crime insurance policies in addition to professional liability and cyber.
“All too often many business owners don’t trust insurance people because they have a reputation for being self-serving salespeople pushing unnecessary products,” said Bob Schofield, bb7 President. “What makes Alper such a great fit for us is they build and optimize our insurance program in the same way we approach our clients’ product design projects — with an open mind, a ton of questions and a passion for creating the best-possible end result.”