The commercial property sector is lacking adequate insurance cover, research from Zurich's commercial unit has shown.
It found less than half of those interviewed had insurance and risk management programmes that addressed all their risks. Yet more than 60% preferred to get their risk management advice from brokers.
Zurich commercial underwriting and marketing director Roger Thrift said the threat of fire, storms and crime received expected early mentions, but property owners also brought up the risks from health and safety regulations, property and environmental legislation and quality of tenants.
However, 10% said they were doing nothing to minimise these risks, only 12% conducted site audits to ascertain their exposure to these risks, 7% had a health and safety policy and 6% had a maintenance programme.
"The traditional area of insurance for this sector represents an opportunity for brokers and insurers but risk management, consultancy and advice services offer the most significant prospects for growth," Thrift said.
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