Your business is too important to risk losing it. So it’s important to ensure you have the right levels of insurance to protect your business in the event of a claim.
Underinsurance remains a hot topic across the UK, indeed the Financial Conduct Authority (FCA) themselves have warned of ‘alarming levels of underinsurance’*. At Towergate Insurance Brokers we have always offered advice & support to mitigate the risks but in a fast moving world with an ever changing geopolitical and legal environment, alongside a number of other economic, social & technological factors, the need for regular reviews has never been greater.
To offer additional support and to raise further awareness in this area we have put together a short animation, information sheets, and question/answer sets (aligned to three common areas of underinsurance).
Towergate Insurance Brokers, British Insurance Awards Commerical Broker of the year 2019, helping to stamp out the dangers of underinsurance.
*Business Times, Jan 2017
Watch our short video to help you understand some of the common areas of underinsurance
Below are three common areas where underinsurance can be found, please click on the areas listed that are relevant to your business to find out more
Buildings Insurance
Getting the rebuilding value wrong can result in reduced claims payments on partial losses as well as total loss claims. Without the right levels of cover you are also risking long delays in claims settlements which could impact your business severely.
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Business Interruption Insurance
The costs of getting your business back up and running after a serious interruption could be crippling. The risks relate to both the limit of cover, and also the length of the indemnity period chosen, getting one or both wrong could have a significant impact on your ability to continue trading.
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Liability Insurance
It’s recommended that standard policy limits of liability are reviewed regularly taking into consideration any changes in the legal landscape and taking all potential costs and expenses into consideration when calculating a potential loss.
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