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...]
Survive and then Thrive – UK Business Advisors are ready to help
Other than the cruel personal impact of COVID-19, there is unequal pain and gain for UK businesses. Hospitality businesses are grounded and businesses with sought after services and products are struggling to cope with demand and managing their supply chain. There is no one magic solution for all! More than ever, business leaders need to keep a cool head and make the right short term decisions to enable their business to survive or operate differently. Supporting staff as far as possible is a defining characteristic of well-led businesses. The businesses that make the right decisions now and plan effectively for how to be prepared to thrive in the recovery should have a bright future post coronavirus. You are no doubt being bombarded by emails and other communications offering advice, help and “seven steps to solving everything”. The UK government has announced an unprecedented range and magnitude of support for businesses and employees – you will have found that many of the … [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...]
4 top tips to successfully secure business growth funding
Very few businesses are lucky enough to be able to bootstrap their way to success, most rely on securing business growth funding. Getting funding at the right time is critical to surviving yet alone thriving and growing. Without funding it is much harder and slower to grow and expand into new territories or markets. Here are my top four tips for successfully securing business growth funding. Know where to look and what type of funding is the best match There are numerous sources of funding from Bank Loans to Crowdfunding and Equity investment to Trade Finance, Grants and R&D Incentives for innovative companies. Often a growing business will need to draw on a mix of sources. Depending on the stage of growth and type of business some will be more suitable than others. Each type comes with its own positive and negative aspects for example if you’re seeking a bank loan, you will probably have to give a personal guarantee and of course pay back the loan with interest. If it’s equity … [Read more...]
Fundraising success stories for early stage companies
We looked at London based companies that have recently successfully raised seed funding! The good news is that there is a constant flow of funding into very young companies - albeit with a technology bias. Companies with innovative ideas, strong management teams and good business plans position themselves for better funding success. We wanted to get a flavour of what's happening in the world of funding for seed level companies that are based in London. We found five recent funding success stories - we have summarised what they got, what they do and how long they have been going. Labrador (internet of things) We’d all like to sure we are getting the cheapest energy bill on the market, but even with the help of price comparison sites it can be a chore working out which supplier to go with and then sorting all the paperwork to change supplier. Labrador aims to solve this problem by paring with your smart meter and analysing your energy consumption … [Read more...]
