Business Insurance & the Enterprise Bill: How You’ll Benefit
The Enterprise Bill first came to our attention during the Queen’s speech to parliament earlier this year, but while many of us know that the bill is focused on issues facing small businesses, some of us might be a little confused over how it could help us, and how we’ll benefit from the propositions. So here’s everything you need to know about the Enterprise Bill, and what you need to do:
Will the Enterprise Bill Benefit Me?
The short answer to this question is ‘yes’, but it’s very important for small businesses to realise that in order to see the benefits of the bill, they need to hold up their end of the deal, too. One of the primary aspects covered by the Enterprise Bill is the speedy resolution of disputes, particularly when it comes to business insurance. Shockingly, there are currently no regulations in place to protect small businesses from delays in claim payments from their business insurer, and this is something that the bill is intending to address. Under the new bill, business insurance providers will be legally obliged to make payments within what is described as a period of ‘reasonable time’.
What Do I Need to Do?
If the worst should happen and your business suffers a loss, you may find yourself heavily reliant upon your business insurance, and the introduction of the Enterprise Bill will hopefully make the process much more streamlined and a lot less stressful. However, in order to see the benefit from the proposal, you should ensure that your business has the correct policies in place. You’d be surprised at how many businesses do not have adequate business cover. Freelancers are notoriously bad, with 72 percent claiming they do not have any form of valid insurance for their business!
So what you need to do to get the most from the Enterprise Bill is make sure your business is adequately covered. This not only means making sure you have Employer’s Liability Insurance which is required by law in the UK, but also any additional business insurance that could help you get back on your feet should the worst happen. Did you know that only 2 percent of businesses have insurance that covers them in case of cyber attacks? On the whole, businesses are not up to scratch when it comes to business insurance. If you’d like to see what forms of business insurance are available to you, and find the best insurance deals, take a look at compareyourbusinesscosts.com.