Some insurance policies provide cover limited to a pre-determined value, the ‘sums insured’ or ‘limit of liability’, for building and contents.
In the case of Professional Indemnity, Home & Contents and Car Insurance, these sums insured are selected upon application (refer to insurance Features & Benefits for details), but in the case of Business Insurance a Guild Customer Service Executive can help you to assess your level of cover.
While every effort can be made to determine your ‘sums insured’ and set ‘limits’ correctly, rising building costs and other factors often cause the value of your business to increase. Limiting your insurance cover to a set figure can therefore leave you at risk of underinsurance.
Guild offers full replacement cost for some of its business insurance products, which provides protection against underinsurance.