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Worrying trend for commercial property insurance in Australia

By Ben Bowen on

Underinsurance is alive and well in Australia. A recent report from Swiss Re has highlighted major concerns surrounding large gaps in property insurance for Commercial and SME businesses in Australia.

Did you know that the annual uninsured loss for businesses in Australia is nearly an astounding $5 billion? And that 1 in 8 businesses do not have any insurance cover at all?

Swiss Re's report that focuses on the Australian Commercial Insurance Market has unearthed a worrying trend, finding that commercial properties in Australia are often vastly underinsured below the amount it would cost to fully reinstate a property in a total loss.

With the inherent environmental risks due to Australia’s potentially catastrophic weather, partnered with a more litigious society, it has never been more important to protect your business with an appropriate level of insurance that gives greater certainty to your future.

To see the full report issued by Swiss Re, please click here.

We highly recommend reading the full article here as authored by Insurance & Risk Professional.

Ensure your business has a sufficient insurance program in place that responds appropriately to provide you with financial protection in a claim. Speak to a Whitbread Commercial Insurance specialist ph. 1300 424 627 or info@whitbread.com.au.

 

This news item is not intended to be advice and you should not rely on it as a substitute for any form of advice.  Please contact Whitbread Associates Pty Ltd ABN 69 005 490 228 Licence Number: 229092 trading as Whitbread Insurance Brokers for further information or refer to our website.

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