Tips To Keep Your Business from Being Underinsured
Released On 16th Nov 2022
The UK is currently experiencing some of the highest levels of inflation in the UK for the last 30 years
With the shortage of materials, the conflict in Ukraine and brexit all colliding pushing the cost of materials and consumables through the roof. The labour shortage in the construction market meaning tradespeople are stretched and when they do become available the cost of labour is increased on what it previously was. This transpires through to your insurance as well!
- The rebuild/reinstatement cost of any property you own is possibly 15/20% more than it would have been last year
- The replacement cost of any stock, machinery or materials for your business may be at a premium
- Your annual wage payments may have increased due to needing additional staff, or paying those that you have extra in order to keep them
- The length of time you insure your loss of profits/revenue (business interruption) for may need extending due to the increased wait time for key plant/machinery, or simply due to a lack of available tradespeople to start reconstruction of your premises should the worst happen!
Watch our video which provides some tips to keep your business from being insured
