The Supreme Court has ruled in favour of small firms receiving payments from business interruption insurance policies.
The ruling should 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, according to Luke Davis, VEO, of IW Capital, as for some businesses this could be the much-needed lifeline that will enable them to survive the pandemic and trade beyond pandemic.
Luke said: “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.”