Unpredictable Times Ahead For UK Business and 77% of Business Properties are Underinsured
Recent industry research revealed that nearly 60% of UK businesses feel that the next year will be unpredictable.
From Brexit to climate change, unpredictability seems to be affecting the UK market across the board.
In order to decrease the risks associated with unpredictability, organisations are taking measures such as:
- Putting additional funds aside for emergencies
- Diversifying products and services
- Diversifying their client base
- Preparing for multiple outcomes
- Developing a risk management plan
While robust risk management practices can help protect your business from a wide range of disasters, in order to be as prepared as you can, you need an equally robust insurance policy.
Avoid underinsurance. 77% of UK business properties are currently underinsured by 45%. Make sure your organisation’s sum insured remains accurate.
Keep your broker updated on the value of your premises, any changes (like demolition or remodelling) that take place on the premises and on-site stockpiling practices.
Speak to one of our team at Insync Insurance to get a quote on your business insurance and avoid underinsurance.