On 17th September, the government introduced the Enterprise Bill, which aims to provide support for businesses through job creation, economic security and growth. In order to achieve those goals, the bill introduces these three main measures:

1. A Small Business Commissioner will be appointed to help balance the bargaining power between SMEs and larger organisations. One of the most prominent issues the commissioner will address is payment disputes with larger organisations, which currently costs SMEs an estimated £26.8 billion annually. In addition, the commissioner will act as a signpost for SMEs and will provide beneficial guidance on where they can find helpful services, such as sector ombudsmen or regulators.
2. Deregulation targets will be extended to include regulators (even national ones) and will require them to assess the economic impacts any changes to regulatory policies have on businesses. Deregulation targets are meant to reduce regulatory burdens on businesses, and extending those targets should supplement the government’s ambitious goal of cutting £10 billion in unnecessary spending over the next five years.
3. Incentivise insurers to pay claims to businesses as promptly as is reasonable, since late insurance payments are such a major problem for businesses. Any unnecessary delay in payment can have significant, lasting effects on a business’ success. The Enterprise Bill introduces measures to expedite insurance payments and specifies the ‘reasonable time’ for payment.

While these are the three main measures that the bill aims to introduce, other associated measures are also included. To learn more about what the bill aims to accomplish, visit www.gov.uk/government/news/business-backed-by-new-enterprise-bill. For more information on how SIB can help with your business insurance, give us a call on 01132500377