The cost-of-living crisis, increasing inflation, increasing fuel prices and business costs means many businesses are looking in every direction as to where they can save money. Shopping around for quotes is encouraged. At Safe and Insured, this is something we do with every renewal to ensure that businesses are receiving the best prices and terms for renewal.
Rising Inflation
With current inflation rates topping an eye watering high of over 11% in the UK in October 2022 the impacts this has on insurance is growing. Costs of materials and labour have soared.
RebuildCostASSESSMENT.com looked at the surveys they completed between September 2021 and August 2022 and 83% of the properties were underinsured. The average insured property was just 66% of its true valuation leaving a large void between the cost of rebuild and the insurance coverage.
Underinsurance
Underinsurance can be a difficult area to address. Many automatically think just of buildings but it also impacts stock, raw materials, and vehicle values to name but a few. During periods of change or busy seasonal influxes it can be difficult to predict what these levels should be. Speak with your broker to discuss patterns and take regular inventories for items such as stock.
Safe and Insured have access to specialist who can provide valuations for you and your insurers. If this is something you haven’t done in a while, or ever, get in touch and see what can be done for a nominal fee.