Under insurance is a very real problem in Australia. In simple terms, if the worst were to happen and you have undervalued your assets, you may not receive the compensation required to rebuild or replace those assets.
Here are two documents from LMI which may be helpful to you.
1. Coronavirus Paper – BI: helps explain and warn that general insurance is unlikely to provide the business interruption cover that it does for traditional risks such as fire, theft and storm events.
2. Coronavirus Paper – Travel: provides useful background on why the travel policies typically do not respond.