Tuesday 5th July 2022
Search our articles
Generic filters
Filter by Categories
Analysis
Apprenticeships
Automotive
Awards
Business Growth
Business Show
Campaign
Cashflow
Charity
Conference
Construction
Credit Management
CSR
Cyber Security
Debt Recovery
Digital Marketing
Economy
Education
Employment
Employment Law
Expo
Exporting
Feature
Finance
Focus
Foreign Exchange
GDPR
Google Adwords
Hospitality
Immigration
Insolvency
Insurance
Interview
Isle of Man
IT Support
Lifestyle
LinkedIn
Networking
Networking
News
Panel Debate
Photography
PPC
Preview
Property
R&D Tax Refund
Review
Risk Management
Round Table
Safety
Sectors
Security
SEO
Support
Symposium
Telecoms
Traineeships
Uncategorised
Uncategorized
Wellbeing
Winners
Workplace
Search our articles
Generic filters
Filter by Categories
Analysis
Apprenticeships
Automotive
Awards
Business Growth
Business Show
Campaign
Cashflow
Charity
Conference
Construction
Credit Management
CSR
Cyber Security
Debt Recovery
Digital Marketing
Economy
Education
Employment
Employment Law
Expo
Exporting
Feature
Finance
Focus
Foreign Exchange
GDPR
Google Adwords
Hospitality
Immigration
Insolvency
Insurance
Interview
Isle of Man
IT Support
Lifestyle
LinkedIn
Networking
Networking
News
Panel Debate
Photography
PPC
Preview
Property
R&D Tax Refund
Review
Risk Management
Round Table
Safety
Sectors
Security
SEO
Support
Symposium
Telecoms
Traineeships
Uncategorised
Uncategorized
Wellbeing
Winners
Workplace
You are here: News » Archived News » Don’t let the past hold you back

Don’t let the past hold you back

Insolvency can have a massive impact on any business owner, both financially and from a wellbeing perspective. This is particularly poignant during the current pandemic where many thousands of businesses will become insolvent through no fault of their owners. One of the most overlooked aspects of a business failure though is the issue of insurance.

Most business owners will have the tenacity to start afresh, showing the ‘Entrepreneurial Spirit’ that is needed to look forward and to build anew. Unfortunately many different insurance products will become either unaffordable or simply unavailable to new businesses or their owners due to the issue of insolvency. GM Business Connect caught up with David Child, Managing Director of SIS Insurance in Sale, who for the past 35 years has been dealing with non-standard insurance, and for the last 18 years has been helping businesses and their owners find affordable insurance.

David commented: “Currently the main issue is that when applying for a new policy all insurers will ask for any adverse financial history. This could be either a CVA, IVA, CCJ, bankruptcy or any form of insolvency. More than likely they will then refuse to quote for your shop, office, building or any other area of insurance – liability, commercial combined, home or fleet, because most insurers view this so called ‘moral hazard’ as reason to decline cover. Many new business owners in this position may feel pressured into not disclosing insolvency in their financial history, however, insurance companies are spending millions on data enrichment so they already know most of your personal and business history. So by not disclosing any previous insolvency to your insurer at inception enables them to repudiate any future claim, and possibly void your policy.

David Child, SIS Insurance

“As we are one of the UK’s leading non-standard brokers, with underwriting authority to price and issue policies independently, we can look at any policy proposal and make a personal judgment on each and every case. We can look past insolvencies and make our decisions based on a much more personal approach, helping get you and your business back on your feet. Our premiums are often not as expensive as you may think, and we are even able to provide finance agreements to help spread the cost over the policy period.  As brokers we only deal with UK rated insurers and Lloyd’s of London.”

Find out more. Contact SIS Insurance for a confidential chat: 0161 969 6040 or email enquiries@saleinsurance.co.uk

www.saleinsurance.co.uk

SIS Ltd is authorised and regulated by the Financial Conduct Authority under reference number 306620. Registered in England No. 4921258.

Share this post

More like this

Insurance
April/May 2022

SMEs make up a significant part of the UK economy, with 95% of businesses employing fewer than 10...

Insurance
December/January 2020

Despite government initiatives and the UK’s 2050 target to reduce emissions by at least 100% from levels captured...