New figures suggest that 75 per cent of commercial property buildings do not have enough insurance cover, according to Henshalls Insurance Brokers.
In new research, three in four commercial companies across the UK were not fully covered under their current insurance. Experts have suggested that this is a very risky move as there are many buildings that may be susceptible to being under-insured.
According to Shropshire Live, Dave Williams of Henshalls Insurance Brokers said: “This is an extremely risky situation as a lack of sufficient cover could lead to company directors being sued by shareholders, and it could even cause a business to collapse altogether with job losses as a result. And the worst thing is that many commercial property owners may not even be aware of the chances they are taking.”
Mr Williams further recommends that you should check on insurance contents if your commercial property has been built before 1920 or if it is made from stone, due to their specific historic and architectural interest. In these cases, fire repairs would cost a lot more, not just because of the stonework but also because older buildings tend to be of a higher quality. The price of a rebuild can also increase if the building is difficult to access and therefore construction projects may be more complicated.
Many valuations and sums may be on an estimate basis so be sure to update your valuations so you know what you are working with in case of an emergency. This is particularly the case if you have extended or refurbished the property recently.
Mr Williams added: “No two buildings insurance quotes are the same as we assess each building individually – make sure your cover meets your own specific needs.”