The UK’s financial ombudsman has made a ruling which could entitle hundreds of thousands of small businesses to thousands of pounds in delayed insurance payouts. The ruling is in response to claims filed by small businesses during the Covid pandemic which have not been paid in a timely manner.
The ombudsman is now empowering businesses to pursue their claims and take action against insurers who have not paid out on what is owed. “The ombudsman is sending a strong message to insurers that delays in paying out claims is unacceptable and could result in serious consequences,” said a financial expert.
The ruling is set to provide financial relief for many small businesses who have been struggling during the pandemic. “It is really important that small business owners are aware of their rights and the fact that they could be owed thousands,” said a representative from the Federation of Small Business. “We advise anyone who has made a claim to contact their insurer and pursue their claim further.”
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