Boosting retail businesses with smart, sustainable retail risk solutions.
America’s retailers represent more than 12% of all U.S. employment and more than $3.8 trillion in sales annually, intensified competition is forcing retailers to operate smarter and more efficiently than ever before. In an industry where 2% margins are typical, an organization’s profitability and ability to seize opportunities depend on how well it can minimize the costs associated with risk. Average insurance costs alone are around 6% of revenues, and these costs don’t even account for risks related to cash flow, reputation and human capital. At the same time, businesses of all sizes are facing retail industry consolidation, unpredictable supply and demand fluctuation, employee retention challenges and increasing global competition.
The Gibraltar Group’s retail risk management and insurance practice specializes in working with retailers of all shapes and sizes, from large clothing stores to multi-unit convenience store operators.
No matter the level of risk or what new challenges arise, our RiskIMPACT™ process addresses the unique needs of the retail industry. Learn more about our retail business below.
- Grocery stores
- Department stores
- Discount stores
- Retail chains
- Off-price retailers
- Consumer goods retailers
- Specialty stores
- Online and catalog distributors
- Durable goods distributors
- Nondurable goods distributors
Risk Control/ Advisory Services
- Certificate tracking
- Product recall plan and reputation management
- Annual property value assessments
- Employee handbook assessments
- OSHA compliance
- Health and safety assessments
- Regulatory compliance evaluations
- Extensive loss prevention programs
- Cash flow management (CashGUARD™)
- Human capital services (PeopleGUARD™)
- Reputation management (ImageGUARD™)
- Contractual risk management (VendorGUARD™)
- Product recall coverage
- Fire-and-wind-related coverage
- Property coverage
- Umbrella coverage
- Workers’ compensation and employer’s liability coverage
- Comprehensive equipment breakdown coverage
- General liability
- Employment practices liability coverage
- Alternative risk financing
- Occupational accident coverage
- D&O / management liability
- Retail industry insurance
Providing an emerging retailer with significant savings and smart business strategies.
RiskIMPACT™: $300,000 per year in reduced premiums
A large retailer and convenience store operator was working with the ninth largest insurance broker in the world before engaging Gibraltar to take over its insurance and risk management program. Our experts started the RiskIMPACT™ process and uncovered significant gaps in the previous program, all of which could have created major issues for the emerging business.
During the first year of the organization’s new program, we were able reduce premiums by more than $300,000, while drastically improving insurance coverage levels. The Gibraltar Group's risks specialists worked with the client to implement complex claims management and loss control strategies that resulted in decreased risk costs averaging 30% below industry benchmarks. These results and our ongoing risk management programming helped the business achieve constant profitability, increased productivity and total risk-related savings of more than $1.4 million in four years.