Wednesday, 29 December 2010

Retail Insurance – The Trends for 2011


Holders of retail insurance policies will no doubt be wondering just what the New year has to offer them.

Indeed, they might be asking when it comes to retail insurance, what will the trends be for the forthcoming decade.

The answer is there won’t be a lot of change, at least in 2011. Insurance is all about guarding a person, or a business from the trials of operating in an open marketplace. Whenever a retail business opens up, there is potential for mishap and confusion.

The basics of retail insurance are the same as with any insurance. It mitigates against liability claims and business mishaps.

Liability is the major concern and public, and employer liability, are two basics of cover that have to be in place if anyone wants to make a success of their businesses. Society is more litigious, but it’s more litigious for a reason: to help shift the balance against negligence and misrepresentation.

We can all rail against the nanny state, the legal framework which now appears that we can claim against any mishap, but it’s a fact, that the same people who might woe this state of modern life, will be the first in the queue should anything happen to them. Deciding who deserves what when it comes to claiming damages, can be a very subjective matter indeed.

So don’t expect any big changes to how retail insurance is written in 2011, just make sure you have the best cover you can afford. It could repay you, many times over.

Tuesday, 28 December 2010

Insurance in the UK – Trends for 2011 and Beyond


It is without doubt that since the arrival of the Broadband powered internet, insurance in the UK has undergone a transformation.

Indeed, over the last decade, insurance in the UK has changed so dramatically that it would be hard to recognise it from the turn of the century. During the last ten years the power dynamic has changed from the individual insurance, to the comparison websites. 

The fact that people can shop online for what was once a complicated procedure has been a major step forward and one initially embraced by the top insurance companies. You can now buy car and home insurance much like buying your groceries; from digital shelves offering all manner of polices and options.

But the big question for 2011, and indeed the new decade, is will the comparison websites continue to dominate, or will the individual companies begin to hit back? It’s well known that one of the major players in the insurance business does not work with the comparison websites and another leading insurance company has made the same decision.

This is likely to continue throughout 2011 as the companies that can afford major marketing budgets (and that roughly means television time) feel that they don’t have to compete on price alone in the ‘bear pit’ that comparison websites offer.

The problem with comparison websites is although they offer choice in terms of price, they can only really accommodate the middle mass market; if users don’t fit within the Mr and Mrs criteria, they can find such sites severely lacking.

So insurance in the UK for 2011 – look for increasing diminution of the vice-like grip of the comparison websites?

Sunday, 26 December 2010

Taxi Fleet Insurance – What to do in Prague


Those interested in taxi fleet insurance matters are also interested in industry stories from around the globe and drivers in Prague have had a bad reputation of late, with a number of websites warning that there are certain ways to hire a taxi in this East European capital.

Taxi fleet insurance is obviously not a priority for some Prague drivers who, like many the world over, can’t help but see the tourists as fair game.

So, here’s a few tips if you’re going to Prague and need a taxi.

First and foremost (and this admittedly is easier said than done when you’re tired from a long trip, or stressed late at night), but always ensure that it is a registered taxi; in effect, that it is a real one. Don’t be fooled by those that look the business, but are anything but. Look out for a permanent yellow roof lamp which has to say TAXI in large letters on both sides. And on both front doors, there should be printed the company name, license number and fares.

Secondly, don’t get your taxi outside of tourist sites. Rogue drivers prey on tourists and usually frequent areas where tourists mass. Keep away from these.

Thirdly, forewarned is forearmed, so ask your driver (or the dispatcher when ordering a taxi) how much it costs to get to your destination. This is not always easy, but is a great way of showing that you are savvy and you won’t literally be taken for a ride.

Finally, check that the taxi has a meter, that it corresponds to the journey and that you get a full receipt afterwards.

So there you are, although taxi fleet insurance is not a preoccupation of Prague drivers, make sure you don’t get caught out.


Thursday, 23 December 2010

Liability Insurance – Who’s To Blame


Like it, or not, liability insurance is a must for individuals as well as companies.

Liability insurance covers so many potentially tricky situations, that not having it is too risk a potential financial catastrophe, as well as your sanity and peace of mind.

Take the recent weather conditions and who’s responsible for making sure that buildings are safe when it comes to snow and ice.

It’s often harder for the general public to appreciate, but if someone can prove negligence against you, then you could become liable for a claim against you.

Now there used to be many stories in the British media about the plight of many homeowners in the US who used to dread the onset of winter. In the US, the pavement, or side walk outside a property, is in fact the responsibility of the homeowner to keep clear and safe for pedestrians. In fact, there were many stories highlighting how homeowners could be seen early in winter mornings clearing the ice and snow away, paranoid that someone would slip outside their house and end up being sued for not making it safe.

Okay, a bit far-fetched for the UK many would say. But what about the number of recent stories where delivery drivers in the UK are suing home owners because they have slipped on their property – say an icy pavement – and are taking the owner of the property to court for damages, stating that they should have made their property safe against such conditions. A nasty shock for any homeowner.

In short, don’t take the risk. Get some liability insurance, now.

Wednesday, 22 December 2010

Business Insurance – The Apprentice Hired


Now that the BBC’s The Apprentice is over for this year we can get back to talking about business insurance, but not before reflecting on a ‘stella’ rise for the chosen one.

Although the winner Stella was accused by one of Sugar’s attack dogs in the interview week as the type more likely to handle the admin – such as the business insurance policy – she kept her calm and walked off with the £100,000 a year position as a Sugar acolyte.

Stella was tipped right from the start as a possible finalist and when the other great favourite Liz was torpedoed by ‘The Brand’ at the last but one hurdle, she looked like the odds-on favourite. Stella was indeed ‘corporate’, but was more the finished article than likeable chappy Chris who lacked real business experience.

Arguably, that’s the whole point of The Apprentice, to appoint someone who was still ‘green’ and lots to learn, but Sugar obviously saw in Stella someone who could get a grip right from the start.

The last scene in the Boardroom was predictably exciting with gentlemen Chris and ice-maiden Stella doing their best to persuade the big man of their passion, and that they can choose a new drink, but it was perhaps no surprise when the infamous finger was pointed at Stella.

There was one moment when Stella nearly snatched defeat from the jaws of victory – an outburst against Chris which could have undone weeks of calm planning – but she got safely home in the end.

So that’s it, The Apprentice is over for another year and we can get back to the more important matters of business insurance. But roll on the next series of The Apprentice, when again we can witness 16 candidates squirm for some 12 weeks. Oh yes.