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SMEs: Overbalancing and underinsured

In 2016, Allianz Insurance plc removed the 'average' clause from its core range of policies designed for SMEs, in response to a thematic review by the FCA that highlighted the issue of underinsurance amongst small businesses.

In this feature, Harriet Conway, SME business insight manager, Allianz UK, considers what more can be done to help small businesses and tackle the problem.

On top of assistance from insurers, she delves into what brokers and policyholders can do to ensure that a business is insured for the full cost of any loss or interruption, preventing shortfalls that can lead to great financial difficulties.

Topics covered:
• The impact of ‘average’.
• Tips to ensure accurate ‘sums insured’.
• Additional expenses associated with rebuilding and reinstalling property.
• What it takes to return to ‘business as usual’ after a major loss.
• Education, valuation and restoration.