A broker’s guide to helping retail clients thrive during the holiday season

Andy Chu, Chief Underwriting Officer (CUO) of Excess Underwriting

The holiday season is a crucial time for retailers, but it also presents unique challenges. Increased foot traffic, heightened security concerns, and property risks can make this period both profitable and perilous. As a broker collaborating with Excess Underwriting, a Canadian-owned insurance provider dedicated to proactive risk management, it is essential to guide your retail clients effectively. In this thought leadership article, we explore what brokers should do to assist their retail clients in navigating the holiday season successfully.

Understanding the Risks:

To provide effective support to your retail clients, it is crucial to grasp the potential risks they face during the holiday season:

• Increased Foot Traffic: The surge in visitors can lead to accidents and injuries, potentially causing liability claims.
• Theft and Vandalism: The holiday season often sees a rise in criminal activity, making it essential to protect assets and inventory.
• Weather-Related Hazards: Cold weather, snow, and storms can result in property damage, affecting business operations.

Tailoring Insurance Solutions:

Once you have identified these risks, it is time to work closely with your retail clients to tailor insurance solutions that meet their unique needs during the holidays.

• Policy Review: Evaluate your clients’ existing insurance policies to ensure they cover the increased holiday risks adequately. Discuss potential coverage gaps and recommend adjustments.
• Specialized Coverage: Consider additional coverage options, such as seasonal business interruption insurance, that address the specific risks associated with the holiday season.
• Risk Assessment: Collaborate with your clients to conduct a comprehensive risk assessment to identify vulnerabilities and design a customized insurance plan.

Enhanced Security Measures:

Assist your retail clients in implementing robust security measures to minimize the risk of theft and vandalism during the holidays.

• Security Partnerships: Encourage your clients to work with reputable security firms that provide services like surveillance, alarm systems, and security personnel.
• Employee Training: Advise your clients to train their staff to handle the increased customer flow effectively. This should include safety protocols and emergency response training.

Educate and Empower Your Clients:

An informed client is a resilient client. Make sure your clients understand the importance of proactive risk management during the holiday season.

• Communication: Regularly communicate with your clients about risk factors and the benefits of proactive insurance strategies.
• Risk Mitigation Tips: Share tips and best practices to help your clients mitigate holiday-related risks, from managing crowds to protecting valuable assets.

Supporting the Community:

Encourage your retail clients to embrace the spirit of giving during the holiday season by supporting local charities and community initiatives.

• Charitable Endeavors: Discuss how your clients can engage in charitable work or events, and inquire about insurance coverage extensions for such activities.

As a broker, you play a vital role in helping your retail clients thrive during the holiday season. By understanding the unique challenges they face, tailoring insurance solutions, and fostering a proactive, collaborative approach, you can empower them to navigate the holiday season with confidence. At Excess Underwriting, we stand by your side, ready to provide the insurance solutions and support needed to ensure a successful and secure holiday season for your retail clients.

Interested in learning more about our customized Property Insurance packages? Contact us to explore how we can partner with you to provide top-notch coverage for your valued clients: https://excessunderwriting.ca/products-solutions/hospitality-insurance/