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Connections are crucial to the success of any business. Visit our latest news to keep up to date with the latest business news from across the region.

Connect. Support. Grow.
 
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Connections are crucial to the success of any business. Visit our latest news to keep up to date with the latest business news from across the region.

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Connections are crucial to the success of any business. Visit our latest news to keep up to date with the latest business news from across the region.

Connect. Support. Grow.
 

Consequences of being underinsured

Falcon Insurance

When was the last time you did a walk through and calculated how much it would cost to replace everything at the current market value?

Believe it or not 50% of businesses in the UK are underinsured.

Yes, you may save some £££’s on your premium, but if you don’t insure on the correct figures to rebuild and replace, could your business survive?

If a fire damages your property, causing repairs costing £100,000 and the building’s total declared reinstatement insurance value is £1 million – most owners assume they have more than adequate cover.

However, if the insurer can establish the actual cost to rebuild the property is £1.2 million they will tell you that you haven’t insured your full amount.

It reduces the claim via a ‘condition of average’ clause.

This mean that the claim will be reduced by the same proportion as the amount of ‘under’ insurance.

So, you would only get 83% of your claim. Which may not sound like a lot, but it’s £17,000 that you’re not getting.

Can you deal with that? What we recommend is making sure that you catalogue your contents and get a valuation done on your building.

Yes, it’ll cost you a few hundred £££ but what’s that compared to thousands?

Ring your insurer to get advice and support to ensure this doesn’t happen to you – could your business suffer from such a loss? 0121 679 7265