The perils of underinsurance

What is underinsurance?

Underinsurance is likely one of the biggest threats to your business. But is one that hides in the shadows. A lot of insurers and brokers might give you off the shelf policies. Might not interrogate where you’re exposed to risk. And might offer you eye-catchingly low prices.

But what do all these things result in? Underinsurance.

Put simply, underinsurance is when your business insurance cover doesn’t live up to the realities of the risks you’re exposed to, and the potential damage if things do go wrong. 

And what does that mean? It means you don’t have the financial protection should the worst happen. Whether you end up with only part of your liability being paid in the event of a claim, or even worse, rejected entirely, the ugly face of underinsurance will rear its head.

In today’s insurance market, individuals and businesses are becoming smaller cogs, in ever bigger machines. This means that it’s more difficult for inflated brokers and insurers to interrogate your business properly, and truly understand you.

We work differently. We’re proudly independent. And this gives you two key benefits:

  1. Understanding: We won’t treat you like a number, and won’t ever give you an off the shelf policy. Our teams are experienced in looking for risk, and knowing how to protect against it. So you can rest assured that what you get with us, is everything you need, and nothing you don’t.
  2. Flexibility: We’re not tied to specific markets and insurers. By being independent, we can select the best insurer for your specific circumstances. This means that not only do you get the best cover on the best terms, but chances are, you get it at a great price.

But having an independent insurance broker that cares about you is only half the battle. There are some key steps YOU should take, to make sure that you are protected, and stay protected.

Because if one thing is certain, business is always changing, and risks are always evolving. So don’t get caught out and put yourself and your business at risk.

We’re releasing a series of articles taking you through how to spot underinsurance, and fix it. So stay tuned and keep reading to make sure your business and it’s policies are in tip top condition.

Can't wait to make sure you're protected against underinsurance?

If you’re not sure that you’re safe, or need some guidance along the way. Speak to our dedicated team. We know where to look for your potential exposures, and how to plug the gaps. So let us support you through this minefield to make sure you’ve got all the cover you need. And none you don’t.

Important Update for Motor & Fleet Policy Holders