Retailing is one of the world's largest industries. As retailing and wholesaling have become more global, competition has intensified. In addition to the global economic downturn, today's retailers face a wide range of challenges, including industry consolidation, employee attraction and retention, and business continuity. And as always, consumers are demanding ever-higher quality — at ever-lower prices — for the products they buy.
For a retail business, these trends create a host of risks: strategic, financial, operational, and hazard — that can prove costly.
Marsh's Retail/Wholesale Practice specializes in addressing the risk and insurance needs of retailers and wholesalers. Our approach includes a thorough assessment of client risks and solutions tailored to meet clients' specific needs.
Solutions for retailer and wholesaler risks include:
- Economic Downturn Task Force — Difficult economic conditions and reductions in consumer spending have severely impacted the retail industry. Marsh's Economic Downturn Task Force brings together a suite of solutions that can help companies manage the challenges of operating in a recessionary business environment.
- Crisis Management Consulting — A crisis, whether at a store, a distribution center, or company headquarters, can lead to serious injuries, disruption of the flow of goods, and consequent loss of business. Marsh's Risk Consulting Practice examines business processes to identify areas critical to a retailer's survival.
- Information and Network Security — The Internet and electronic networks provide retail businesses with greater speed, efficiency, and worldwide access to potential markets and customers. But it also brings new legal uncertainties and complex risks. Marsh offers comprehensive consulting and risk transfer services that enable companies to manage their e-business, information, and network exposures.
- Merger, Acquisition, and Divestiture Consulting — Mergers and acquisitions are common in the retail industry. Marsh can quickly and efficiently recommend ways to minimize the risks associated with these complex transactions.
- Workplace Violence Prevention — Retail businesses are especially vulnerable to violence in the workplace. Marsh’s Risk Consulting Practice can help design strategies that reduce the number of violent incidents and lessen the impact of those that do occur.
- Workers' Compensation and Integrated Disability Management — Whether an employee is injured on or off the job, costs are incurred due to lost productivity. In the retail industry, workers' compensation costs are often second only to payroll expenses. Reducing employee accidents, managing disability-related costs, and helping injured employees return to work as soon as possible can dramatically reduce a retailer's labor costs, while increasing staff productivity and customer service quality. Marsh's proprietary benchmarking tool, Dimensions, and the services of the Marsh Risk Consulting Practice can help retailers achieve these goals.
- Claims Consulting — For most retailers, employee and customer claims constitute the largest share of total cost of risk. Marsh claims consultants have partnered with many retailers to manage these claims more cost-effectively.
- Property Risk Management — Retailers often operate stores in locations that are vulnerable to natural hazards. Substantial values, especially at distribution centers and multiple operating locations create potential for under-insuring risk. Marsh's property and natural hazards risk consulting, and property valuation services can help retailers evaluate and mitigate their exposure. When a loss occurs, Marsh's Forensic Accounting and Claims Services (FACS) Practice can assist with claims accounting and preparation services.
- Marine Stock Throughput — Marsh can help a retail business achieve better coverage — with lower deductibles — to insure stock against damage from windstorms, floods, and earthquakes.
- Supply Chain Management and Foreign Sourcing — Retailers are always looking for ways to source and move goods to points of sale with more efficiency. Globalization and regulatory requirements have increased the complexity of managing supply chains. Marsh's Retail/Wholesale Practice with our Transportation Practice and Supply Chain Risk Consulting Practice provide a team approach to help retailers better manage these risks.
- Construction Wrap-Ups — Because many retail organizations engage in extensive property development, they face construction risks during the development process and long after project completion. Many retail organizations secure project-specific insurance policies including builders' "all risk," design firm professional liability, environmental liability, and/or a controlled insurance program (CIP), encompassing workers' compensation and general liability. In addition to providing dedicated coverage, these policies can benefit retail entities by removing barriers to teamwork and supporting risk management among project participants.
Regardless of which party ultimately provides each coverage, it is in the project owner's best interest to understand the options available for managing and insuring construction risk in the retail industry.
Additional Thought Leadership
March 05, 2015 | Views: 46 | Comments: 0
Improving workplace ergonomics and wellness programs can reduce empoloyee injuries and OSHA fines. >>
March 01, 2015 | Views: 894 | Comments: 0
Employees and customers may be put at risk when safety protocols are not followed. >>
February 24, 2015 | Views: 2016 | Comments: 0
Recent threats by terrorists have cited as targets shopping malls in the US and elsewhere, serving a sober reminder to mall operators, retailers, and others to take steps to protec... >>
February 20, 2015 | Views: 4986 | Comments: 0
Retailers and other affected businesses should consider taking steps to mitigate potential losses. >>
November 20, 2014 | Views: 15242 | Comments: 0
For the second time in three holiday shopping seasons, a strike threatens to disrupt manufacturing, importing/exporting, and supply chains. >>
November 17, 2014 | Views: 13537 | Comments: 0
Companies must mitigate potential civil compensation liabilities and other financial, reputational, and business exposures arising from food safety problems. >>
November 06, 2014 | Views: 13935 | Comments: 0
Steps to take to help protect employees and customers. >>
November 06, 2014 | Views: 14659 | Comments: 0
Measures include antipating cyber risks, ensuring compliane with wage and hour laws, and crowd management. >>
September 30, 2014 | Views: 20852 | Comments: 0
Legalization of marijuana results in host of evolving insurance and legal consequences. >>
August 28, 2014 | Views: 21183 | Comments: 0
Anhydrous ammonia is classified as a toxic gas and can cause fire when mixed with air, be extremely corrosive, displace oxygen, and leak, endangering the general public. >>
Change selection(s) to sort.
Views: 35546 | Comments: 0
Marsh provides unparalleled expertise and experience in promotional risk management to help clients manage the risks associated with marketing promotions. >>
Views: 34746 | Comments: 0
A sound business recovery plan is crucial to help prevent a minor disruption from turning into a catastrophe. >>
Views: 43273 | Comments: 0
CS STARS LLC supports comprehensive risk management, enterprise risk management and compliance and safety management. >>
Views: 33138 | Comments: 0
The DriveCam solution enables continuous driver monitoring and exception-based video capture to identify patterns of risky driving behavior. >>
Views: 51707 | Comments: 1
A group captive offers an alternative insurance structure for companies in several industries. >>
Views: 32287 | Comments: 0
Marsh's Marine Practice in collaboration with the Retail/Wholesale Practice provides retail cargo expertise for the risk exposures that retail companies may face. >>
Views: 34273 | Comments: 0
Stock-throughput protection provides “all risk” coverage for goods and/or merchandise on a “cradle to grave” basis. >>
Views: 35382 | Comments: 0
MRC’s Product Risk Practice provides solutions across the entire product lifecycle. >>
Views: 32976 | Comments: 0
A stock-throughput policy is designed to provide coverage for products in transit and in storage and eliminate potential gaps in coverage. >>
Views: 33617 | Comments: 0
Provides liability coverage for claims typically excluded under employment practices liability policies. >>
Change selection(s) to sort.
February 19, 2014 | Views: 9508
Representing 21 categories, 46 Marsh professionals were recognized as 2014 Power Broker® winners, including two colleagues receiving the Responsibility Leader® designation, and 12 ... >>
February 07, 2014 | Views: 11172
The ample capacity and competition that helped temper firming of US commercial insurance rates in 2013 is expected to continue into 2014, barring higher than expected catastrophe l... >>
January 30, 2013 | Views: 11253
US commercial insurance rates are expected to continue firming in many lines of business and industry sectors in 2013 as above average losses, subdued investment returns, and reced... >>
April 27, 2011 | Views: 10280
Global Insurance Markets Under Pressure as Atlantic Hurricane Season Approaches
Despite record level first-quarter catastrophe losses, insurance rate increases were confined to lo... >>