UNDERINSURANCE IS An important consideration for your business – but what does it mean?
Underinsurance is simply not having the right level of cover for your needs. Your business insurance may have wide ranging cover with lots of different aspects insured. Issues with underinsurance can occur in many aspects of a commercial or business insurance policy.
A few examples of this are;
- Understating the rebuild cost of your building
- Declaring a lower value of property such as machinery or plant
- Declaring a lower turnover, this could affect business interruption or liability claims.
- Underestimating the length of time it would take to restart your business after a loss
Underinsurance can have serious consequences in the event of a claim. To help you understand what this means to your business, we have teamed up with Aviva to produce a helpful guide.
We hope you find the information in this guide useful but if you have any questions, feel free to call one of our commercial insurance experts on 0161 641 3229.