Avoiding the common risk of underinsurance

Every year a number of charities have to deal with the experience of not being able to use their building because of a serious fire or flood.

This is where buildings insurance comes in - but there's a problem.

If your charity insures a building, you're probably insured for the wrong amount. 80% of commercial buildings are underinsured. So unless you've had a rebuild valuation survey in the last few years, it's likely that your sum insured is incorrect.

Some charities just haven't had a rebuild valuation done. Others (mistakenly) think it's ok to insure for less than the total amount. But this mistake can cost charities thousands when they need to claim.

Similar issues come up when insuring contents, equipment and business interruption.

Fortunately, there are tried and tested, cost-effective ways to avoid the risk of underinsurance altogether. Our free guide looks at why underinsurance is dangerous and how you can insure for the correct amount.

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