A clampdown on the late payment of insurance claims and the introduction of a Small Business Commissioner are two of the measures introduced in the government’s new Enterprise Bill aimed at bolstering British business.
As many a retailer who has suffered a fire or flood will testify, there is currently no compulsion for insurers to pay undisputed claims in a reasonable amount of time. The Bill will introduce such a requirement into every contract of insurance.
The Enterprise Bill will also set up a Small Business Commissioner to help small firms handle disputes with larger businesses over issues like late payment, which costs small firms £26.8bn.
Further measures will improve the business rates appeals system and stop business ratepayers from having to share the same information twice with local government and the Valuation Office Agency. The Bill also includes a £10bn cutting red tape target and measures to protect high-quality apprenticeships.
Small Business, Industry and Enterprise Minister Anna Soubry said the Bill will help tackle some of the biggest issues facing business today: “Overzealous regulation and unacceptable late payments are just some of the issues targeted in a comprehensive package of measures designed to give a boost to the UK economy”.
The full list of Enterprise Bill measures can be found online.