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How to avoid the pitfalls of being uninsured or underinsured

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How to avoid the pitfalls of being uninsured or underinsured

Key learnings

  • Many businesses are uninsured or underinsured for a variety of reasons, such as a lack of knowledge about insurance, cost cutting, or rising costs meaning replacement asset values increase beyond the cover.
  • Thinking ahead about your activities in the next 12 months can help prevent you being uninsured or underinsured, and save you time, money and hassle.
  • Build insurance into your quarterly reviews and planning to ensure you don’t miss key developments in your business that mean your cover needs updating.
  • Consult an insurance broker to get advice on the right types and level of cover for your business.

We usually don’t want to think about insurance – personally or for our businesses. Why would you want to think about the worst that could happen? Or to pay for something you hope you never have to use? So, it’s understandable that lots of businesses find themselves uninsured or underinsured. Of course, if the worst does happen, you also don’t want to be left wishing you were insured properly. Here, we explain how you can avoid the pitfalls, so you can enjoy running your business instead of worrying about the future.

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