Enhancing our Risk Management toolkit to tackle buildings underinsurance


Underinsurance continues to be an issue for businesses, with the combination of inflationary pressures and material shortages leaving a worrying gap in cover for many.

Our research has shown that of the businesses who say they’re likely to reduce their insurance coverage, more than half state this is driven by cost-saving considerations, despite the risk of high unforeseen costs in the event of a future claim.1


To tackle this risk, our property risk consultants are now able to offer a Buildings Reinstatement Value Health Check as part of your onsite property risk survey, to provide an indication as to the accuracy of your buildings sum insured.  


In order for your business to take on new growth opportunities with confidence, it’s key to identify any areas of potential underinsurance, to make sure your policy reflects the value of your property should you need to make a claim. Our data shows that 40% of businesses are not reviewing their sums insured regularly, and only 26% were regularly using surveys to arrive at their sums insured values.2


The Reinstatement Value Health Check tool can help – powered by our Specialist Partner BCH, our risk consultants walk through the tool’s simple question set with you and capture information specific to your premises, including an estimated area and the type of industry and occupation. The tool can then establish whether your current buildings sum insured is accurate or if there is a risk of underinsurance. Our risk consultants can then refer you to our Loss Prevention Standards for further support and our wider Specialist Partner network for all our discounted Reinstatement Valuation solutions.

As part of our ambition to reduce levels of underinsurance and the negative impacts this can have on businesses, we’re pleased to be able to offer a new addition to our Risk Consultants’ toolkit. With the support of our Specialist Partner BCH, our team can provide efficient and accurate advice to customers in real time.

Chris Andrews – Director of Risk Management Solutions


1. Research conducted by YouGov of more than 1,200 UK senior business leaders from small, mid-market and corporate businesses between 15th September and 8th October 2023. 

2. Aviva’s proprietary commercial underwriting data.

Learn how the Building Reinstatement Value Health Check tool can help your business.