Today the Supreme Court has ruled in favour of small firms receiving payments from business interruption insurance policies, that will see tens of thousands of small businesses across the UK receive insurance payouts covering losses from the first national lockdown. This is welcome news for SMEs throughout the nation, as for some businesses this could be the much needed lifeline that will allow them to survive the pandemic and trade beyond Covid.
Luke Davis, CEO of IW Capital:
“The Supreme Court ruling is a great win for small businesses across the country who are in need of respite and support to allow them to trade post-Covid. Helping SMEs weather the storm of the pandemic is vital as they will be key to creating jobs and tackling unemployment in the future and will play an integral role in the resurgence of the UK economy, with the SME community making up 99.9% of private sector businesses.
“Now there is a need for investment support from high net worth individuals to help these businesses recover from the financial hardship they have felt and enable future growth as we venture through the new year.”