This occurs when a business has insufficient cover to meet its needs, whether that means its assets are valued and insured at less than their true value, its limit of indemnity is too low or its maximum indemnity period is too short. Unfortunately, underinsurance is a widespread and persistent problem, and a disaster can strike at any moment, leaving businesses—like yours—vulnerable to complete destruction.
Businesses can be underinsured for many reasons. Often it is because business owners think that a major loss event will never happen to them, so they do not need comprehensive protection. Yet, inclement weather, a cyber-security hack or a fire can destroy any business.
To discover whether your business may be underinsured, consider the three most common areas of underinsurance:
Contact the experts at Willis IRM to help with any under-insurance concerns.
To find our more about under-insurance contact 02890329042 or use the contact form below.