Businesses with a credit rating drop since COVID-19 can now make a claim to their insurers
Posted on in Business News, Cycles News, Political News
Many businesses, suppliers in part
icular, have found that their credit rating has been dropped since COVID-19.
There is an official form you can send to your credit company to claim back for your dropped credit score. An example can be seen here, although each provider will have their own version.
Your claim will be that you believe the government system to help businesses (Government Protection for Trade Credit Insurance) covers you. They are duty bound to act on this request.
To claim you must have been feasible pre-covid, your cover should be given back and should the worse happen and your business fails, the government will cover the liability.
The government are guaranteeing support until the end of December, but are discussing plans to extend until end of March 2020.
Should you need any help in acquiring the form from your insurers or are finding it difficult to get in touch with them members are asked to contact Graham Walsh (Graham.Walsh@abi.org.uk) and Ben Leich (Benjamin.Leich@beis.gov.uk) with details of the refusals or pushback that you're receiving from insurance providers.
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