How to avoid Underinsurance… Topic 1: Subsidence

How would your business cope if you had to vacate your property during major renovation works involving subsidence?

Key Points

• If you are a tenant, ensure your landlord has this cover.
• If you are a property owner, ensure that you have adequate cover – often commercial policies will not automatically cover subsidence
• Ensure you have an adequate period of ‘Loss of rent’ cover – policies often default to 12 months, however, even a simple claim can take up to 24 months to have the property inhabited again
• Ensure that your rebuild sum insured is sufficient, 80% of commercial properties are underinsured in the UK (Zurich Insider 02/07/2015)

Owner managed businesses, in particular, are often left to play several different roles each day. To ensure you receive expert advice about protecting your business, contact amb Insurance who will be happy to advise you on the most cost-effective way of protecting your assets and liabilities.