On the 15th January, the Supreme Court ruled that insurers should pay small businesses for Coronavirus related Business Interruption claims. Media outlets, like Sky News, have reported that claims could be potentially worth £1.2bn
This potentially means that SMEs operating in the hospitality industry, such as restaurants, bars, cafes and pubs, will be able to secure insurance payments for loss of earnings as a result of Covid-related Government restrictions, which resulted in closures and an ability for companies to trade.
Many businesses have said that this development and the subsequent insurance payments could represent a lifeline that will allow them to stay afloat in 2021.