Business

The challenge for retailers as they manage new risks in the digital emporium, is to become confident in understanding unfamiliar but necessary forms of insurance.

Local Authorities place insurance into very specialist markets, recognising the very broad risk profiles, which in effect, combine the insurance needs of several industry types under one conglomerate body.

Professional risk is very broad area, sharing one common insurance theme at the heart of all professional service firms (PSFs): Professional Indemnity Insurance. Where traditional manufacturing and goods businesses rely on Product Liability, the service sector relies on Professional Indemnity cover.

Today’s media businesses typically operate in the print and digital worlds, with much less clearly defined orbits of activity.

The leisure sector is in many ways the perfect insurance risk to train an insurance professional with a very broad range of heightened risk exposures.

A modern healthcare business often has to insure a wide range of risks from infrastructure, construction and commissioning, through to professional risks and medical malpractice.

Many specialist insurance schemes exist for Schools and Universities, however the landscape is changing with the liability assumed in charging fees seemingly widening year by year.

While contractors focus on the works insurance and the contractual requirements, those involved in major construction projects are more focused on the design elements of the covers.

Increasingly tenants are asking for premiums to be justified and any commissions retained by the property owner are being challenged.

Supply chain dependencies and product recall risks possibly sum up the new challenges for manufacturing, distribution and wholesaling businesses.