Retail

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Retail Industry

For decades, ICA has serviced hundreds of retailers throughout The United States, Canada, and Europe, which have global and local operations. Since ICA’s inception in 1956, retailers’ decision makers have relied on ICA to advise them with cutting-edge risk transfer strategies aimed at limiting retailers’ overall cost of risk, with focus on their needs to protect their margins. It is just as important for retailers to protect their operations and the financial risks facing them, as it is crucial to identify potential redundancies in their operations and activities.
As retailers strive to differentiate and protect their brand, prudent decision makers understand the causes of loss that may damage their reputation. ICA also understands that businesses in the retail sector can vary dramatically from one another, which pose unique types of risks to each retailer. Consideration should be given to develop risk management programs and services that meet the retailers approach to risk exposures. For example, risks associated with the evolution of the retail industry such as offering advisory services to customers, participation in experiential and interactive in-store marketing, and the proliferation of online shopping, require a unique approach to these new exposures.
Whether opening or closing locations, or evaluating their supply-chain risks and exposures created by their vendors, retailers today must take a proactive approach to broadening the coverage available to them from a multitude of perils. Another risk facing retailers is making sure they are adequately covered for potential interruption of their business due to catastrophic exposures, such as loss from floods, hurricanes and earthquakes, especially when the retailer has multiple locations in an area subject to catastrophe exposures.
ICA specializes in preparing tailored insurance specifications as well as specifications for loss control and claims-handling guidelines. ICA understands that those businesses are exposed to many risks such as property losses, and to make sure that insurable assets such as inventory, equipment and furniture & fixtures are valued properly for insurance purposes to avoid uncertainty and confusion at the time of loss. Additionally, proper valuation helps to clarify and simplify the claim resolution process. For example, consideration should be given to valuing inventory at retail selling price to avoid the complications associated with business interruption negotiations.
Retail clients also seek ICA’s input for implementing well-designed plans that address the availability of necessary resources to them, prior to facing a loss. Therefore, contractors, remediation services, and those providing building material for boarding or reconstruction, should be committed to the retailer in advance so these resources are available when required. This would allow a retailer to reopen its doors as soon as possible following a loss, and to help prevent its customers from shopping elsewhere while in repair.
The below client testimonials illustrate ICA’s value provided to its retail industry clients:

“We have been with ICA for twenty years… We rely on ICA’s advice with respect to the placement of insurance policies and the transfer of risk to third party service providers… ICA has been instrumental in guiding us through both soft and hard insurance markets. We are appreciative of our longstanding relationship with ICA and look forward to working with them in the years to come.” – Retail Client

“… Eight years of professional excellence, commitment and integrity that I have rarely seen in other professionals… the very first meeting we had with the broker with you present, showed me what a vacuum we had been in, not only in terms of how over-priced our insurance program was, but also how lucky [Client] had been till then not to have had one of the many uncovered losses which you pointed out could have happened for which we did not have coverage… I realized that… insurance did not mean much unless we had someone who solely looked after our interests – and that someone was ICA.” – Retail Client

Contact ICA for a comprehensive list of client references.