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Published on the 30th November 2023

The issues facing business.

Key statistics recieved paint an interesting picture regarding the issue of underinsurance.
  • Aviva estimates 42% of SMEs who insure buildings with them are underinsured.
  • 91% of SMEs are confident they have the right level of cover in place
  • 19% of businesses haven’t reviewed their indemnity period in the last 2 years
  • 10% of SMEs – that’s more than half a million UK businesses – believe they wouldn’t survive if they had to pay up to £10,000 towards a claim that wasn’t fully covered by insurance.

The likely outcome of a property that is underinsured is for insurer to apply the Average Condition, which means the insurer will pay the claim in proportion to how it is insured. When there is a partial loss this can result in a difficult position for the Insured business.

Aviva experts explain why underinsurance is a concern to your business. Please see the link below.

Please also bear in mind a RICS approved rebuilding cost survey arranged via Howe Maxted with RCA starts from £133.50. This will remove uncertainty and provide peace of mind.

Click here for more information

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