Top 5 Risks For Grocers That Are Often Uninsured

Grocery retailers traditionally face a number of risks that are not covered by typical property, crime or cyber insurance programs.

A new white paper report from global independent insurance broker Lockton — “Insuring the Operational Risks of Grocers with Intangible Risk Insurance” —examines some of these perils grocery retailers face that are often not covered.

Co-authors Emily Freeman, Lockton risk management specialist, and Lisa McAleenan, Lockton senior vice president for Financial Services, identified five intangible risks:

The Lockton report offers advice on working with a broker and underwriter to customize insurance program that address such exposures.

According to Freeman, once the risks are identified, insureds may have their policies “stress-tested” with scenarios so they know where insurance gaps may be.

“While grocers are not required to purchase more coverage than is relevant to their traditional risk profiles, these perils can impair or disrupt their own systems or those systems they depend upon,” said Freeman. “Consulting with a broker and underwriter to review claims and settlement history is a key first step in crafting a policy that addresses unique needs and potential exposures.”

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