On 29 April 2020, over 300 business leaders attended our webinar on acquiring funding, making claims and ensuring business viability during the during the current situation. Watch the recording below to find out what you need to know to stay resilient.
During the call, our experts took attendees through attaining the funding they need to maintain liquidity through the current circumstances, plus potential recovery through claims:
The current situation is proving difficult for many businesses. To help liquidity, the government is offering a variety of financial support schemes, including the Coronavirus Business Interruption Loan Scheme (CBILS), the Coronavirus Large Business Interruption Loan Scheme (CLBILS) and the COVID-19 Corporate Financing Facility (CCFF), yet only 3% of the attendees to the above webinar had obtained this funding.
In our webinar, which you can view above, we list the various options available to you and the pitfalls that our clients are discovering in raising the new funding from their lenders. Find out how you can get the help you need.
Business interruption and breach of contract claims
Policyholders are testing the limits of their business interruption insurance policies with COVID-19-related claims. Class actions are being threatened against some insurers who will not cover these losses. Parties in breach of contract may be able to claim force majeure to escape paying for losses suffered by their customers, but only if they can prove it is impossible for them to meet their contractual obligations.
If you think you have suffered an insured loss or if you are invoking force majeure in a contract, it's essential that you can evidence that you would not be in the same situation were it not for COVID-19. The video above offers practical guidance and a checklist of information businesses should retain now, to support any potential claim or defend one in the future.
Our poll in the video above shows over half of attendees expected it to take more than a year for demand levels to return to normal following the lockdown. Even when restrictions are eased, it's likely consumers will continue observing social-distancing measures while rebuilding their savings to improve their own financial resilience.
Businesses will quickly need to shift their planning from the short term to the future. To be viable and thrive in the new normal, businesses will need to build resilience and flexibility into their operating models, as well as their financing.
In our webinar recording, we share our practical framework for assessing business viability, based on three critical strategic considerations. We also set out our practical tips for gaining stakeholder support and achieving a viable financing plan.
Working through the situation together
We're sharing the six areas you need to focus on in your response to the uncertainty