Insurance is an essential purchase for businesses and forms a vital part of a business continuity planning. You buy insurance on the assumption that it'll protect you when you need to make a claim, right?
How can you be sure that you're buying the right amount of cover? Finding out at the time of a claim that the policy you've bought is not enough can have a devastating affect on your business and underinsurance is a significant issue.
So on a business insurance policy, where can underinsurance occur?
- Buildings;
- Contents;
- Business Interruption;
- Legal Liabilities;
- Cyber
Underinsurance in numbers:
- 5.4m private businesses in the UK;
- 99.3% of these are small businesses;
- *80% of businesses are underinsured on their buildings insurance by an average of 35% to 40%
* Covea Insurance 2016
The British Insurance Brokers' Association have put together a helpful guide for small and medium sized businesses on how to avoid underinsurance and you can access it by clicking here
Don't slip up on underinsurance, it could cost you your business and your lifestyle.
Artemis Insurance Brokers deals with businesses of all shapes and all sizes daily and can help your business to buy the right level of insurance cover. We'll help you to understand the basis of your insurances and how sums insured can be calculated to ensure you're properly covered in the event of a loss.
RICHARD J. CLIFFE - Sales & Marketing Manager
☏ 020 8619 5000
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