Reliance Insurance puts the spotlight on Eco Paving
In less than 8 short years, Eco Paving Ltd. has been recognized as one of the fastest growing companies in Canada by Canadian Business Profit 500. With over 1570% growth in 5 years, the company ranks 47 on the list of 500 companies. Brad Lavigne is the President and owner of Eco Paving, a Coquitlam based company that manufacturers an eco-friendly rubberized product as an alternative to standard paving.
Commercial insurance for rapidly growing companies
Eco Paving has been doing business with Reliance Insurance since 2012. They have experienced incredible growth and with that came unique insurance requirements. Our number one priority was keeping the premium competitive. Lisa Kler, Reliance Commercial Insurance Agent explains, "Due to the rapid growth and the premium increases associated with this growth we have continually minimized the premium impact through our access to the best insurance companies in the marketplace. In addition, Eco Paving is a company that hires subcontractors for its installations. It is a condition of all commercial insurance policies that sub-contractors must carry their own liability insurance. To eliminate this headache for the insured, and to keep his work force intact, we were able to negotiate with the insurance company to extend liability coverage to the subcontractors."
This type of collaboration helps achieve business goals. Brad says, "This has helped to keep the product competitively priced; and helps with on-boarding staff to meet demand in busy times. Reliance has been incredible to work with - very personable, easy to deal with, and they find the right insurance for our needs."
We were intrigued to find out more about Eco Paving's impressive growth trajectory. We caught up with Brad for a short interview.
1. How did you start the company and get involved with this product?
I was originally going to school for design then set about - virtually by trial and error - to develop the product we have today. I want to become a world-class organization that delivers sustainable paving services to communities globally, committed to changing our environment for the better through our practices, and actions.
2. Reducing waste on the planet is a hot topic right now. How is your company helping the environment?
First and foremost, the product is formulated with used tires. We are creating a use for thousands of tires that would just end up in landfill. The second part is reducing the amount of waste going back into the environment. With most re-surfacing materials, the old materials, like concrete, may need to be removed before the new installation. With Eco Paving, we created a granulated rubber combined with a specially formulated binder that is flexible. We can cover almost any surface without having to remove waste. And third, the product is incredibly durable and lasts for years with proper maintenance.
3. Canadian Business Profit 500 ranked Eco Paving 47 of 500 companies in terms of growth; accomplishing a 1570% growth over 5 years. That is quite impressive. How did you accomplish that growth?
I always had an end goal in mind, and every day, week, and quarter, we work towards that goal. And my brother said I couldn't double the business every year for 10 years, so I set out to prove him wrong. I guess sibling rivalry played a role in our success! But that aside, we have great people, we treat them fairly, and we work hard at our commitment to improve and expand the business.
4. What is the most interesting aspect of your business? What gets you to the office each day?
I am motivated to build something great. I thrive on the challenge of my end goal, and work just doesn't feel like work.
5. What is the future for Eco Paving? Will you be replicating that type of growth in the next 5 years?
We're always looking to the future but right now we are focusing on improving our operating systems before we a launch the next large scale growth. Entering global markets is part of our future strategy. Our first years were spent developing the product and we now have thousands of installations across British Columbia. We have learned a great deal over the last 10 years. We are investigating options to franchise and if we go that route we want to give potential franchisees the best platform to be successful and profitable.