Written by Derek Rigby, Director of Claims, Training & Personal Lines
During the Christmas and New Year period many business owners and individual home owners were affected by the latest flood weather surge.
Sagar Insurances Brokers manage a portfolio of client’s that includes everything from Engineering Companies, Hairdressing salons to members of the public and is therefore in a unique position to understand the Insurance problems companies and individuals face.
We did everything we could to assist our clients once the latest flood event occurred and spent time during Christmas and New Year speaking to clients and Insurers respectively.
At a time of great stress the last thing clients want to do is go through the small print in their Insurance policy to consider what is covered.
In most cases damage to property will be covered by water damage but what are the issues that will almost always (or in some extreme cases completely) nullify the value of the claim submitted?
Most business owners understand the need for Business Interruption Insurance but many underestimate the level of cover needed to maintain their operation. Many businesses also set insufficient indemnity periods after misjudging the time it could take to replace specialist equipment that may be sourced abroad.
It is estimated that 40% of businesses under-insure their business interruption cover and up to 80% of commercial properties could be underinsured.
This could have a catastrophic impact on a business should a large loss occur.
From the householders point of view a 2011 survey concluded that 1 in 5 households in the United Kingdom were uninsured.
Whether a Business Owner or an individual householder, we would advise that you take the opportunity to review your Insurance Cover as soon as possible as unfortunately as we have seen “ the “once in a lifetime “ surge events are becoming a regular event.
Sagar Insurances would of course be happy to assist with a free Insurance review.