In the insurance world, choice is essential to ensuring that both individuals and businesses alike have the coverage they need.

For example, security insurance would not cover the same types of policies as people who run an architecture consultancy or an online media resource.

Much like how Howard Moskowitz posited that people do not look for a perfect product but several perfect products, insurance firms strive to provide not just the perfect policy but the perfect policies in order to give each person the best rates and coverage for their situation.

A good example of this in action is to look at an industry that is both niche and specialised but also highly lucrative at the same time.

With an estimated worth of over £7bn, the United Kingdom has the largest video game sector in Europe and the sixth largest market in the world, with a history that stretches back to the “bedroom coders” of the early 1980s.

Because of this, the UK video game industry includes not only sole traders and very small businesses making independent games but also some of the largest companies in the world making some of the biggest and most successful franchises in history such as Rockstar North, the developers of Grand Theft Auto.

These opportunities also come with risks, and this is where a dedicated video game insurance policy package would come in.

Alongside the legally required employer’s liability insurance, video games also require a wealth of other policies.

As they sell products to the public, a video game company would require public and product liability to protect against potential harm the game does to customers, such as in cases where patterns of flashing lights trigger photosensitive epilepsy symptoms.

This is also cyber liability, to protect against damages and loss caused by computer misuse, protection against contract breaches such as with contractors and suppliers of middleware technology, as well as protection against infringement of intellectual property rights.