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Article: Private Label Product Exposures for Wholesalers and Retailers
For more information, contact:
Bill Seleznoff, CPCU
AVP Industry Practice Director
Wholesale, Retail
Mobile: 949-695-0038
What are some of the potential risks retailers face today?
The retail industry is growing and the way they do business continues to evolve. Retailers have unique exposures from a property and casualty perspective. Potential risks for retailers from a property perspective include stock/inventory management with challenges with modernized order fulfillment, automated warehouse racking systems, stock in transit, and an increasing challenge with shrinkage. Casualty exposures can range from storefront slip/trip/fall premises liability, products liability from a private label product or statutory chain-of-commerce laws, employee injuries, and automobile liability. Technology-related exposures with e-commerce platforms are now a fundamental part of retail operations.
Why choose Zurich for Retail Business Insurance?
The world of retail continues to transform. Zurich provides a multiline solution for best-in-class retailers, including Property, General Liability, Commercial Auto, Workers’ Compensation, Cyber, Employment Practices, Directors and Officers, Errors and Omissions, and International.
Targeted segments for retail businesses
Durable Goods
Non-Durable (Perishable Goods)Insurance solutions for retail stores
Zurich’s broad all-risk Property form addresses the exposures that retailers face. Property coverage can include:
- Peak Season Endorsement
- Merchandise sold but not delivered-selling price
- Brands and Labels Included
- Consequential loss to undamaged stock included
- Flexible Transit and Unnamed Locations limits available
- Unintentional Errors or Omissions
- Better GreenTM – coverage to rebuild to same or higher green standard is automatically included via sublimit after a covered loss.
- Computer Systems (excluding Electronic data)
- Equipment Breakdown coverage included with no sub-limit
- Ordinance or Law applies to all covered property and time element loss, not just buildings
- Tailored valuation provisions – No coinsurance contract
- Loss of Utilities includes overhead lines
- Unscheduled Locations time element coverage sublimit in base Business Income with Extra Expense form
- Broad Named Insured includes partnerships, joint ventures and LLCs
- Automatic Blanket Additional Insureds
- Automatic Waiver of Right of Subrogation and Primary Non-contributory conditions
- Incidental Medical Services, Good Samaritan Acts and Co-Employee extensions
- All perils included for property damage to Premises Rented to You
- Definition of Bodily Injury includes mental anguish, mental injury, shock, fright or death
- Broadened contractual liability
Broadening coverage endorsement adds 23 extensions in one form, including:
- Lease or Loan Gap
- Employees as insureds
- Waiver of subrogation (when required by contract)
Additional limits help protect against catastrophic claims beyond primary coverage.
Zurich has one of the industry’s largest networks, providing coverage in more than 210 countries and territories.
Flexible options include:
- Level and variable dividend options available
- Loss-sensitive programs available
- Flexible payroll reporting options
Specialized coverages
- Marine stock throughput
- Directors and Officers Liability (D&O)
- E&O/Professional Liability
- Cyber
- Zurich Business Travel Solution with broad coverage for medical care, repatriation, Accidental Death and Dismemberment (AD&D), loss of personal property and more
- Kidnap & Ransom coverage with up to $5 million in limits and access to a premier
Risk Engineering
- Property and Casualty risk assessments
- Water intrusion evaluation
- Water Damage Prevention and Mitigation Program
- Office, warehouse & front-line employee ergonomic assessments
- Slip, trip and fall assessment
- Fleet Program review and telematics implementation assistance
- Access to Safety Source’s complete on-line video library
- Access to Disruptive event response, workplace violence & security experts
- Cyber risk assessment
Claims services
Zurich Claims specialists are strategically deployed across the U.S. and around the globe to help customers mitigate and respond to loss events, and to gain insights into becoming more resilient against future losses, with:
24/7 Award-winning, Zurich-owned Customer Care Center2
Single point of contact for all claims and related inquires
Access to digital programs that provide a transparent claim process
Knowledgeable and reliable claims staff with industry-specific expertise
When utilized, integrated Medical Management program yields a 65% reduction in medical bill costs, on average3
1. Deloitte. “Global Powers of Retailing 2023 Revenue growth and continued focus on sustainability.” February 2023.
2. Top Mid-size Contact Center as recognized by Contact Center World in 2021
3. Zurich North America Claims Finance 2022