According to the Building Cost Information Service, part of the Royal Institution of Chartered Surveyors, almost 80% of commercial properties in the UK could be underinsured by as much as 60%. For a £500,000 property, that could mean a shortfall of £300,000: a very worrying statistic. But what is it that is causing this shortfall? It seems there are two main factors.
Following the recent measures put in place by the Government in an attempt to stem the spread of the coronavirus, a number of businesses have had to temporarily leave their premises unoccupied. If this applies to you, you will naturally be wondering about your insurance position.