The value of full insurance cannot be over-emphasised. Official statistics show that, of those who do insure their property, some 43% of businesses, and 27% of households, are underinsured to varying degrees and may not receive a full settlement in the event of a claim.
One area frequently overlooked in this regard is Liability insurance, where claims have a nasty habit of cropping up some time in the future, then being settled even further down the track what seems a more than adequate limit now, may not be in several years' time (remember, it is the limit when the incident occurred that is applied, not the limit when the claim is settled).
Many businesses do not have any Business Interruption (commonly known as 'Loss of Profits') insurance; these companies will have great difficulty meeting their ongoing obligations following a major claim. Indeed, statistics reveal that many businesses never reopen following such an event.