Businesses are being turned down for claims on their Business Interruption Insurance policy during the Covid-19 pandemic. Often their brokers or insurers are telling them that their cover is not valid for a claim due to the impact of a pandemic. They may still have a valid claim. On May 1st 2020, the Financial Conduct Authority announced that it intended to seek clarity on the availability of business interruption insurance by seeking a declaratory judgment through the courts. This will be helpful, but complex because of the huge variety of wording used in policies covering business interruption. It is unlikely to produce a speedy outcome and could cause more harm by giving insurers the opportunity to delay paying out on claims pending a court decision. It is important in these uncertain times for businesses to plan for the future with some clear idea as to whether or not they might be able to plan on some sort of payout under their insurance policies. Whilst insurance brokers do … [Read more...]
Urgent business support during Coronavirus/ COVID-19 Emergency. Nationwide network of Business Advisors available to support you
Businesses and individuals are facing unprecedented challenges and uncertain times due to the COVID-19 emergency. Our support page link is at the end of this newsflash. Like you, we are feeling the impact to our work, families and friends. UK Business Advisors (UKBA) have contingency plans in place and are we already remote working and communicating via phone and video calls to support our clients. As premier advisors to UK Small and Medium sized businesses, we are ready to play our part to help our clients and the wider business community during these difficult times. We remain confident that businesses that show decisive leadership can survive and bounce back. UK Business Advisors have activated our nationwide network of experienced advisors to help business owners and directors plan what is needed. Even with government grants, business rates relief or emergency loan support there will be difficult decisions to be made quickly. We can provide initial support and share our … [Read more...]
