A Frightening Reality

October is here, and with Halloween just around the corner, it's a good time to make sure your business isn't facing a real-life horror story. While you might have insurance for your care home, are you sure it's enough? Many businesses are caught out by underinsurance, a problem far scarier than any ghost story.

What Is Underinsurance?

Simply put, underinsurance happens when your policy doesn't cover the full value of your assets or potential liabilities. If an unexpected event occurs, like a fire, flood, or theft, this gap in coverage can leave you with a huge financial shortfall, forcing you to pay the difference out of your own pocket.

A Frightening Scenario

Imagine a fire breaks out at your care home, and you need to rebuild. Building costs have likely increased due to inflation and rising material prices, but if your insurance valuation is outdated, your policy might not cover the full cost of reconstruction. The resulting financial burden can be devastating for your business.

How to Avoid Being Caught Out

To avoid this, you should regularly review and update your insurance policies. A professional valuation of your property is essential to ensure your coverage reflects its current reinstatement value.

As the largest independent insurance broker for the care sector, Quality Care Group specialises in comprehensive insurance solutions tailored to your unique needs. Our expert advisors can help you assess your current coverage, identify any gaps, and recommend the right policy to protect your assets.

Don't let the fear of being underinsured ruin your peace of mind this Halloween. To get started, you can request a quote online by filling out our form here.