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.