Business News coronavirus

£1.2 Billion To Be Paid Back To Small Businesses Following Supreme Court Ruling

The supreme court have found in FAVOUR of small business owners that insurance companies SHOULD pay out for valid claims for businesses interrupted by the first lockdown, back in March 2020.

The Supreme courts agreed that this is under the non-damage insurance policy clause, which covers for disease and denial of access to business premises.

The Financial Conduct Authority (FCA) brought the case to the supreme court after an estimated 370,000 businesses would be affected from non pay out of insurance claims.

Many business owners haven’t claimed due to not believing that the lockdown (part 1) would last quite as long as it did and/or believing that claiming would be futile.

If you have business insurance and business interruption was part of your policy, it will be worth claiming as soon as possible to see if you can get the pay out that you deserve. This is for the first lockdown, but still worth claiming for if you had cover in force for lockdown parts 2 and 3.

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Adam Phillips

After being in the banking industry for over 10 years, its time to help educate people and business owners to the best of my ability!
We live in a world where (For some reason) Money isn't taught in the education system at all.
I'm here to help support both the household and the small business owner by helping save them money. More often than not, the household and the business owner is not too dissimilar. It's so easy to go about your day and never take the time to work out if what you are doing is the most reliable, most efficient or most relevant for you. This is where I come in!
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