Many businesses, regardless of industry, are risking their own survival by unwittingly remaining underinsured. The problem is widespread and perennial, and a cataclysmic event can strike at any moment, leaving businesses vulnerable to complete destruction.
A 2012 survey from the Building Cost Information Service found that 80 per cent of commercial properties in the United Kingdom were underinsured. An October 2014 survey of small- and medium-sized businesses in the UK found that about 62 per cent of respondents were underinsured due to a lack of business interruption insurance or because they did not even know if this type of cover was included in their business insurance policy.
You may only find out that your business is underinsured when you experience a major loss event, such as a data breach, flood or fire, and need to make a claim. Be proactive and know your status now so you can fix that gap and be prepared for anything.
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