Ten ways to combat underinsurance
Brokers play a key role in helping businesses get the right amount of cover and in times of inflation, more than ever, this role becomes absolutely crucial in avoiding underinsurance, argues Nick Hobbs, chief distribution and regions officer at Allianz Commercial. Here he lists the 10 actions brokers are taking to make sure customers have adequate protection.
1. Raise awareness
With inflation staying above 10%, the risk of underinsurance remains very high and brokers are uniquely placed to help businesses understand that risk and take the measure of its potential impact.
If a loss occurs which is insufficiently covered, it becomes a financial burden which the business may not be able to stand. This awareness should motivate businesses to avoid the underinsurance pitfall.
2. Encouraging regular property valuations
The price of many construction
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