As things start to return to normal there’s a risk that the cover businesses have in place isn’t reflective of their new normal, with an increased risk of gaps in cover and underinsurance. Underinsurance isn’t a new topic yet the pandemic has exacerbated the threat, as during the COVID-19 pandemic, businesses considered the changes they could implement to their business model to ensure their long-term survival.

The problem for many businesses is that getting the right sums insured is often complex and the values in question can change quickly.

For insurance to fulfil its objectives, the cover you purchase needs to accurately reflect your business requirements. Insuring assets for incorrect values, or setting cover limits too low, is likely to result in underinsurance.

When making decisions about business insurance it’s essential you check whether the cover is appropriate to your needs.

As a client of GPS Insurance Brokers, please make sure you let us know about any changes to your business.

If you’re looking to review your business insurance please contact a member of our team on 020 3907 7866

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