The Importance of being Insured properly.
January 18, 2024
Are you Underinsured?
We all love the convenience of simply renewing cover at the same level. But if it no longer reflects the true value of your business/property, it could leave you with bigger problems should something happen.
What is underinsurance?
Underinsurance is when the level of cover underestimates the true value of your property, assets and business. And, if you ever need to make a claim, it could lead
to a significant shortfall when your business is at its most vulnerable.
Make sure you’re ready if the worst happens by finding the right level of cover today.
91% of SMEs are confident they have the right level of cover in place.1 But, according to the experts, that’s very much not the case.
- Aviva estimates 42% of SME buildings they insure are underinsured.2
- Sedgwick reports underinsurance in 85% of commercial properties.3
- Cardinus found 80% of properties were underinsured by £750,000+.4
What’s even more alarming is that 500,000 businesses believe they wouldn’t survive if they had to pay up to £10,000 towards a claim that wasn’t fully covered.5
Make sure your business isn’t one of them
Arrange an up-to-date valuation of your business today and help make sure you’re covered if something happens tomorrow.
Call us today on <01843293614.> to find out how we can help.
1Figures relate to a survey of 502 micro, small and medium-sized businesses, carried out by YouGov on behalf of Aviva in September 2022.
2Based on Aviva’s modelled data on SME customers with buildings insurance, September 2022.
3Based on survey data from Sedgwick across commercial properties for the period January 2021 to July 2022.
4Based on aggregated data from on-site reinstatement cost assessments conducted in the UK in 2021 where existing declared values were known by Cardinus.
51 in 10 SMEs said they wouldn’t survive if they had to pay more than £10,000 towards a claim in a survey of 502 micro, small and medium-sized business, carried out by YouGov on behalf of Aviva in September 2022. This would correlate to more than 500,000 businesses based on business population estimates for the UK and regions 2021: statistical release (www.gov.uk).
