Industry calls for action on underinsurance
Brokers urged to help in fight against underinsurance and take the lead in educating clients
Brokers and insurers are concentrating their efforts on addressing the significant problem of underinsurance.
The popular image is of a harried SME owner who does everything for his or her business and consequently does not pay enough attention to insurance matters.
The implications for a business with inadequate insurance to cover a claim can be catastrophic and often lead to conflict with a broker.
But the factors that lead to underinsurance extend far beyond just the issue of time according
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