Tens of thousands of small businesses will receive insurance payouts covering losses from the first national lockdown, following a court ruling.
The Supreme Court found largely in favour of small firms receiving payments from business interruption insurance policies.
For some businesses it could provide a lifeline, allowing them to trade beyond the coronavirus crisis. The ruling could cost the insurance sector hundreds of millions of pounds.
The City watchdog, the Financial Conduct Authority (FCA), brought the test case, with eight insurers agreeing to take part in proceedings.
One of the insurers set to make significant payouts is Hiscox, which was challenged by thousands of its policyholders as part of the case.
Richard Leedham, who represented the Hiscox Action Group – on behalf of small businesses, said: “This is a landmark victory for a small group of businesses who took on a huge insurance player and have been fully vindicated.
“What is important now is that Hiscox accepts the Supreme Court’s verdict and starts paying out to its policy holders, many of whom are in danger of going under”.
Other insurers involved in the test case are Arch, Argenta, MS Amlin, QBE and RSA – but as many as 60 insurers sold similar products. They will now pay out on many, but not all, policies.
Huw Evans, director general of the Association of British Insurers, said: “All valid claims will be settled as soon as possible and in many cases the process of settling claims has begun.
“We recognise this has been a particularly difficult time for many small businesses and naturally regret the Covid-19 restrictions have led to disputes with some customers.”
For the full article visit the BBC via https://www.bbc.co.uk/news/business-55661702
Today marks the 5th anniversary of having Flora on board the Heyland recruitment team, she is now the third member of the team to pass that milestone.
Over the years Flora has created and nurtured many valuable relationships with both client and candidates. The last year has been ‘unprecedented’ but we continue to value your time and effort Flora. We look forward to getting back in to the swing of things this year and seeing you continue to build great relationships both internally and externally.
Andy Heyland, Director
Here’s to many more, thanks Flora. We look forward to it.
The coronavirus pandemic has had a catastrophic impact on businesses all over the globe, and the UK certainly hasn’t escaped unscathed. Many employers have been forced, by circumstances outside of their control, to make redundancies or – at the very least – put hiring on hold.
New data from LinkedIn’s Workforce Report, however, shows that things may be heading in a more positive direction: between September and October, hiring increased by almost 6%. It’s worth noting that it was still about 10% below last year’s levels, but hiring is gradually rebounding and currently stands at its highest point since Covid-19 started to impact the nation back in March.
Right before the latest lockdown was implemented on 5 November, hiring in the UK briefly climbed above last year’s level before dipping again.
A hiring boom
It perhaps comes as no surprise that a few industries have actually been at the centre of a hiring boom. For example, in October the hiring rate in the healthcare and transport and logistics industries were 20% and 14% higher, respectively, than at the same point in 2019.
Looking at shifts in recruiting from September to October, our data shows that certain white-collar industries are back to building their headcounts. In the legal sector, for example, hiring was 42% higher in October than September, in media and communications it was 41% higher and in finance it was up 24%.
Richard Johnson, who specialises in financial services recruitment at staffing firm Robert Walters, said he’s not surprised by the findings. He explained that, earlier in the year, many firms in the sector put their hiring plans on hold and took advantage of the Coronavirus Job Retention Scheme, placing staff on furlough.
“As we began to come out of the furlough scheme, companies then began to execute their 2020 hiring plans, hence the increase,” he added.
Johnson said there has been a shift in the type of roles on offer since the pandemic hit and he’s seen a “sharp need” for those specialising in regulatory, treasury, financial planning and analysis roles. He went on to say things are looking positive for recruitment in the financial services sector in 2021 and believes the year will get off to a strong start.
“I would expect hiring to increase throughout the year. Initial month-on-month figures are likely to be high as firms who have not hired [in this quarter] begin to do so. The month-on-month figures will of course reduce over time, but still remain in an upward trajectory.”
Happy 4 year anniversary Dan!
We are proud to announce that this Saturday marks the 4th anniversary of one of our Business Managers within our Chester team – Dan Jones.
“Dan has been a very welcome addition to the business over these years, he has made valuable contributions to the office and the wider business throughout his tenure with us. He can now be considered an expert in the recruitment of Part-Qualified positions across the Cheshire & North Wales area and is held in high regard with the Clients that he has dealt with during his time with us. Dan’s laid-back demeanour coupled with his thorough and detailed methodology when recruiting is very well received, he is a well-liked team member and has been at the forefront in helping the business through a challenging 6-9 months.” – Andy Heyland, Director
Thanks for all your hard work Dan, we hope to be celebrating many more anniversaries with you in the future.
Enjoy the weekend and celebrate where you can!
Happy 1 year anniversary Jen!
Jen joined us last year in our Warrington office as a Senior Consultant taking responsibility for all Transactional Finance roles in the Warrington, Lancashire and Greater Manchester area. Jen has made lots of headway with some impressive local businesses since coming on board and we are incredibly pleased to have her as part of the team.
“We are celebrating another anniversary within the Heyland Family this week as our very own Jen Wallis has been with us for 1 year to the day. To say it has been a strange 1st year is an understatement however, Jen has been a welcome addition to the Warrington team, she is totally committed, conscientious and her friendly engaging demeanour has resulted in some extremely significant business wins.
We have all benefitted from Jen’s business development over the past 12 months, Jen has not only brought business in for herself but has continuously supported her colleagues with their relationships in both the Warrington and Chester office
Thanks for all your hard work Jen.” – Dave Kissack, Business Director
We can’t wait to be back in the office with you but for now I am sure Arthur (Jen’s cat) is enjoying you working from home.
More home working is likely to be a permanent fixture for a majority of businesses, according to a study.
A survey of just under 1,000 firms by the Institute of Directors (IoD) shows that 74% plan on maintaining the increase in home working.
More than half planned on reducing their long-term use of workplaces.
A smaller survey of bosses whose firms had already cut workplace use suggested 44% of them thought working from home was proving “more effective”.
“Remote working has been one of the most tangible impacts of coronavirus on the economy. For many, it could be here to stay,” said Roger Barker, director of policy at the IoD.
“Working from home doesn’t work for everyone, and directors must be alive to the downsides. Managing teams remotely can prove far from straightforward, and directors must make sure they are going out of their way to support employees’ mental wellbeing.”
Companies are not likely to switch fully to home working, he continued.
“The benefits of the office haven’t gone away. For many companies, bringing teams together in person proves more productive and enjoyable. Shared workspace often provides employees the opportunity for informal development and networking that is so crucial, particularly early on in a career.”
The UK’s oldest business lobby group said 958 company directors were surveyed between 11 and 30 September, mostly from smaller businesses.
The study follows a BBC survey in August which suggested that 50 of the biggest UK employers had no plans to return all staff to the office full-time in the near future.
The BBC questionnaire found that 24 firms did not have any plans in place to return workers to the office.
However, 20 have opened their offices for staff unable to work from home.
Nine in 10 workers who have worked from home during lockdown would like to continue in some form, researchers found in an academic study.
A report published in August by academics at Cardiff and Southampton universities suggests the majority of people working from home are as productive, if not more.
Thousands of people were surveyed three times between April and June.