Retail
From large department stores to specialty retailers, our retail clients benefit from our specialists who are experienced in providing the best risk management solutions for each unique situation. Today the retail industry faces greater, more diverse challenges than ever before. Property, technology, worldwide shipments, employees and customers are just some of the aspects that need to be considered for a comprehensive insurance program.
You will benefit from our depth of understanding of your business as well as our specific market expertise which allows us to help you plan for potential losses and liabilities. In addition, our loss control experts and claims consultants will guide you through the complex landscape of mitigating risk throughout your company’s operations.
Your company will benefit from our expert advice in:
- Allocation modeling
- Assistance with building and employee security issues
- Business interruption analysis
- Cash handling exposure analysis
- Design of customized safety audit templates
- Disaster recovery planning
- Distribution center and store interdependency studies
- Insurance certificate management systems
- Marshall & Swift appraisals
- Potential design hazards and pre-construction consulting
- Probable maximum loss determination
In addition, our loss control experts and claims consultants will guide you through the complex landscape of mitigating risk throughout your company’s operations.
Lockton Service
Service starts with listening. We take the time to understand your specific goals, design a program that fits your needs, aggressively negotiate coverage, and implement a service plan. You will have the same dedicated service team throughout the entire process which allows us to anticipate your needs and create accountability.
It’s all about you. As a private, family-owned company, all our Associates focus solely on you, our client, rather than public shareholders.
Long-term thinking. Clients stay with us based on our expertise, creative solutions, seamless global resources and outstanding service. Our client retention rate of 95 percent reiterates our commitment to each and every client.
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Success Stories: |
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Control over claims gives retail client benefits and flexibility
A large retail client chose to manage their transfer of risk utilizing large deductibles rather than a self-insured retention. We designed their program to give them the flexibility of an SIR with the economics of a deductible. They control their claim reporting and the right to settle. We also obtained approval for their list of chosen defense firms to act as panel counsel for the insurance company. Meanwhile, the carrier pays claims on behalf of the client, thus eliminating the costs and contractual issues associated with a TPA while retaining all the benefits.
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Cash return of $450K and collateral reduction of $7M negotiated
An evaluation of a retail client’s historical program revealed that both the cash held by the insurer and the collateral posted for outstanding liabilities were excessive. As a result, Lockton successfully negotiated a cash return of more than $450,000 and a reduction of the workers compensation collateral by more than $7 million.
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Retailer Achieves Savings Goal Through Renegotiation
Lockton Benefits was appointed broker for a firm that employees 7,000 people just two and half months prior to their January 2008 renewal date. The employer, one of the nations largest tool and equipment catalog retailers, owns more than 315 stores nationwide. Lockton needed to market, negotiate renewals, provide superior communication for open enrollment in December and save the client 10% of projected costs in 2007. By leveraging Lockton’s position with the incumbent carrier, Lockton renegotiated and restructured the financial agreement with the current carrier. This allowed the company to reach their savings goal on time. The renegotiated agreement earned the retailer a net savings of $900,000 for 2007. The new agreement is in place for 2008, with projections of similar savings.
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