Underinsurance disasters waiting to happen
Businesses across the UK that are already struggling thanks to surging inflation and its knock-on effect on the cost of living, may not be able to survive the consequences of being underinsured.
Many shops, factories, warehouses and many other commercial buildings across the country are likely to be woefully underprotected in the event of a claim for damage. Never has this been more of a concern than it is today, where many businesses are already feeling possibly the biggest squeeze on finances in their history. It is estimated that 84% of commercial properties in the UK are insured for the wrong amount.
Implications of Underinsurance
In the vast majority of these cases, this is due to underinsurance which means that when a claim is made, the pay-out for the damage can be severely reduced. UK homes under underinsurance threat The concern of underinsurance isn’t exclusive to commercial properties.
In fact, it is estimated that more than 90%^ of homes of significant value are also at significant risk of not being adequately protected – with the implications being seriously costly, perhaps even so costly homeowners could lose their home.
Calculating the true cost of your property
We work with RebuildCostAssessment.com to offer our clients a discounted review to determine the true rebuild cost of their property.
At a time when every penny counts, it is our duty as insurance advisors to ensure the protection you have in place is adequate and will respond as you would expect it to in the event of a claim needing to be made.
Finding the Right Cover with Weir Insurance Brokers
Finding the right cover isn’t easy. Rushing into the wrong policy can leave you at risk, or paying too much. Whether you’re looking to insure yourself or your business through an established insurance broker, our friendly experts will suggest the right solution for you.
To find out more just get in touch by calling 0800 281 453, or by visiting our website. We’ve been looking after the insurance needs of individuals and businesses in the North East for over 50 years, and as one of the largest independent brokers in the region, we know how to look after yours.
Source: Weir Insurance Brokers