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DID YOU Investing in fitting out your Understanding underinsurance

KNOW Pharmacy could leave you at risk Underinsurance occurs when the insurance coverage of a

property or business is insufficient to cover the full value of a
loss. In simple terms, if the cost to rebuild or replace your
property and stock is higher than your insurance policy's
coverage limit, you are underinsured.

Like our scenario above, this gap can lead to substantial out-
of-pocket expenses in the event of a claim. Steps to Avoid Underinsurance: The
You've invested £100,000 in re-fitting your pharmacy, creating a space that reflects your role of Numark Insurance Services
dedication to health and wellbeing and serving the local community.

Talk to us… We specialise in providing comprehensive
But have you updated your Shop Insurance policy to reflect this investment? insurance solutions for pharmacies. With a deep
understanding of the unique challenges faced by pharmacy
owners, we offer tailored insurance policies designed to
Consider this scenario: protect against the risk of underinsurance.
dp jensten Easily start the

quote process!
Call or Scan
inusurance Causes of Underinsurance
0800 783 5709

You are effectively underinsured
After spending £100,000 on by 82.5%, meaning your insurer is
improvements, a leak causes Your Shop Insurance policy sum within their rights to settle your There are several reasons why a business might find itself
£40,000 in damages to your insured limit is set at £7,000 for claim at £1,225 underinsured:
pharmacy. Tenant Improvements. (17.5% of the sum insured rate).
Failure to Update Policies: One of the most common
reasons for underinsurance is the failure to update
insurance policies after making significant investments or
changes to the property. For instance, after a major
This means you'd have to cover the remaining balance of £38,775 out of pocket. renovation or upgrade, many owners forget to inform their
insurance broker of the increased value.

Misunderstanding Policy Terms: Insurance policies can be
complex, and business owners may not fully understand Underinsurance is avoidable:
Don’t let underinsurance put your business at risk. Contact the extent of their coverage or the value of their insured
assets. This misunderstanding can lead to choosing lower getting the right level of cover:
Numark Insurance Services today to review your shop insurance coverage limits that do not reflect the actual replacement
and ensure your pharmacy is fully protected. cost. know your sums insured

Inflation: Over time, the cost of materials, labour, and
other expenses can increase due to inflation. If a policy isn’t By working with Numark Insurance Services, pharmacy owners
reviewed and adjusted regularly, the coverage limit might
Understanding underinsurance can benefit from expert advice from an experienced insurance
not keep pace with these rising costs, leading to
team who can talk through your pharmacys’ needs, ask the
underinsurance. right questions and get you the right coverage.
Having the correct sum insured values in your policy may not
Cost-Cutting Measures: Whilst we appreciate the cost as much as you think. Our advisors can work with to find
pressures Pharmacies are under, an effort to reduce the right solutions.
expenses, business owners might opt for lower coverage
limits. The reality is this might save you money in the short Don’t leave your business exposed to the risks of
term, but it can leave you vulnerable in the event of a underinsurance. Contact Numark Insurance Services today to
substantial claim. review your shop insurance and safeguard your investment.

It is really easy to start the quote process. Numark Insurance Services is a trading name of Jensten Insurance Brokers Limited which is authorised and regulated by the Financial Conduct Authority.
Please call our dedicated team for a quote: 0800 783 5709 Registered in England and Wales. Our company registration number is 08284692. Our registered office is Beaufort House, 15 St. Botolph Street, London
EC3A 7BB. Phoenix Healthcare Distribution Ltd trading as Numark is an Introducer Appointed Representative to Jensten Insurance Brokers Limited.
Or scan our QR code.

P4403.59-V62 numark mag april.indd 24 11/03/2025 10:51:32
P4403.59-V62 numark mag april.indd 24
11/03/2025 10:51:32