We touched on the notion of undervalued property when we wrote about gaps that you may have in your auto owner’s policy (read it here!) – but even professional service firms can have undervalued property.
According to a recent study, 92% of business owners are confident that they are properly insured. On the contrary, it is estimated that 75% of businesses are actually underinsured by an average of 40% or more.
Okay, so that it is a lot of numbers – what are we trying to say? We are saying that although you may think you are properly insured, you should double – and triple – check. Most business owners are confident in the areas regarding cyber, professional, and financial liabilities – usually due to learning from high profile cases in which a business was not properly insured. However, there are often overlooked liabilities. Sometimes the most significant out-of-pocket costs are a result from coverage gaps and undervalued property such as building contents, leased equipment, and the data that a business requires to operate.
It is not always easy to choose the right insurance limit, which is why the agents at Miller-Schuring Agency are happy to help. We will help you select the proper amount based on square footage of assets like furniture, paint, carpeting, tile, lighting, fine art, and materials and equipment. Give us a call to ensure that your coverage is accurate and valued correctly.