Introduction
The Claim Time for your injury or accident claim should not be delayed where your employer may not have the required level of Insurance in the future.
The threat underinsurance plays to SME businesses has reached a ‘critical point’, admits the chief executive of a leading UK Insurance Company Aviva
What is Underinsurance
Underinsurance is the situation where an individual or business has insufficient insurance coverage to cover their losses in the event of a claim. This could be due to inadequate coverage limits, inadequate deductibles, or a lack of coverage for certain risks. Underinsurance can leave policyholders vulnerable to financial losses, which could be difficult to recover from.
50 % Underinsured
Half – exactly 50% – of UK businesses are likely to be underinsured, according to Aviva’s third annual Risk Insights Report, released last week (20 January 2022). This report shows that this underinsurance can expose Claimants to a shortfall, the claim time is now, your injury claim should be made promptly.
Aviva say this underinsurance has been exacerbated by an “onslaught of interconnected economic risks” and the report showing that 21% of surveyed businesses had reduced, or were considering reducing, their insurance cover over the previous 12 months.
Due to cost of living crisis and widespread economic pressures and concerns, a fifth of UK businesses (21%) have reduced, or are considering reducing, their insurance cover over the last year. Aviva one of the biggest insurance Companies in the UK estimate based on an analysis of its customer portfolio is that 50% of UK businesses are underinsured to some degree.
Employers Liability Insurance
Employers Liability Insurance is a type of insurance that protects employers from legal claims made by their employees for an illness or injury suffered at work. It provides coverage for legal costs, damages, and settlements arising from claims. It is required by law in many countries.
The biggest danger to injury clients is the Employer not having any Liability insurance – check to see the certificate of insurance at your workplace if in any doubt. Where you are worried about your job – call Claim Todays senior Solicitor advising clients for 22 years and we will tell you how to deal with this situation.
There is a minimum required level of cover needed by Law for Employers Liability and Public Liability claims which should protect most injury clients making a claim. Where some businesses are under costs pressures looking to cut corners they may delay taking out their legally required insurance or not do so at all – ensure you are covered for work accidents – call now to ensure your claim time is intact and protected.
Conclusion
Aviva warns cutting corners on insurance can leave UK small business exposed to considerable risk where they cannot meet injury claims. Many factors including high inflation, supply chain disruption and worker shortages are impacting the amount businesses need to insure.
Always check with your Employer they have the required legal cover in place required by law to cover all accident and injuries that might be suffered by anyone at work.
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