Small Business Insurance – The Year Ahead

So what does 2011 hold in store for those that regularly take out small business insurance policies to help protect themselves against the difficulties of running a small company?

Most experts – those connected to the small business insurance business and outside of it – think that 2011, the start of the decade in fact, will be a tough time for all companies, not just the smaller operations.

The effects of two whammies will be felt in the early months of the year: the economic downturn and the bad weather.

The economy first and despite the signs of those infamous grass shoots of recovery, the first half of the year is set to be tricky. The true impact of the austerity cuts will start to bite then and unemployment is likely to rise significantly as especially public sector jobs go in high numbers. How much this can be absorbed by a slowly growing private sector which looks to exports to keep the momentum going remains unclear. The weak pound and thirst for goods in the developing economies is what the UK, and indeed the US, are pinning their hopes on. The second half of the year should be better.

Then there’s the weather. With major blue-chip companies like Next saying they lost some £20 million due to the conditions, you can bet a lot of that grief will be passed down to the smaller suppliers. The retail sector especially will be praying for Spring.

So it’s steady as she goes for all those with small business insurance policies. Head down and keep going, until things improve in the summer.

Warehouse Insurance – What’s In Store for 2011?

As we enter the New Year, what will be the main trends for 2011 when it comes to the warehouse insurance sector?

Experts reckon there’s unlikely to be any dramatic changes in the warehouse insurance sector, but they point out that in 2011, there could be new legislation as the various coalition ministers get to grips with their respective portfolios.

The experts point out that working practices tend to get changed once a new administration gets settled in and although every new government says they will cut red tape and sort out the choke of paperwork and needless administration; in practice, things tend to get worse.

Experience has taught many in business that new brooms may throw out some of the more restrictive legislation, but then introduce their own rules and standards, which means a new set of parameters have to be learnt and digested.

And one of the main worries – the potential liabilities faced by a business owner if a employee, supplier, or visitor injures themselves at the workplace – will not reduce, and if anything, might actually increase. The Government says it will try and slowdown the seemingly ever-pervading health and safety culture, but with no-fee claim lawyers now a key part of everyday life, then things look set in this pattern for years to come. The UK has become more litigious and the genie cannot be forced back into the bottle.

One thing is for sure though, warehouse insurance will remain essential part of the industry for the future.

Manufacturers Insurance – That Was Year That Was

Any company which produces goods and does not have a manufacturers policy in place would be wise to learn from 2010.

It was a year of car recalls and jet engine failures; surely enough to ensure that everyone in the sector checked their manufacturers insurance thoroughly.

Car manufacturers got a lot of stick during the year and one especially was pilloried for having to recall thousands of models for minor, but vitally important, modifications to their vehicles.

Then there was the Rolls-Royce jet engine incident which hit the media when one of the UK’s manufacturers engines spectacularly exploded during the early stages of a Qantas flight from Singapore. Bits of the engine were found over neighbouring islands and Rolls-Royce faced ignominy as the media had a field day over what it might mean for the company and its customer airlines. Indeed, the Trent 900 engine is used to power the A380 Superjumbo and a number of airlines chose to keep their valuable aircraft on the ground rather than risk further explosions.

As it was, the affair quickly petered out and the media circus quickly got bored when Rolls-Royce announced that the fault apparently lay with an engine part that caused the trouble. No doubt all the parts have been replaced and Rolls-Royce is once again building up customer trust, despite the number of legal claims for loss of business that might crop up in the courts.

But it just goes to show that when it comes to producing goods and then sending to others, manufacturers insurance is a very good thing indeed.

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.

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?

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.