What Support is There for Businesses During Energy & Cost Of Living Crisis?

Energy prices have reached levels not seen before. And unlike consumers, businesses are not protected by a price cap.

But due to the nature of the energy crisis, the government have recently announced support for both businesses and consumers to protect them from the expected price rises.

Energy prices support for businesses

On the 8^th September it was announced that businesses would receive support which would see energy prices capped for 6 months. With a review after 3 months.

And on the 21^st September, further details have been revealed about exactly how the scheme will work and the support businesses will receive to help them cope with the cost of energy.

• Help to businesses with be provided under the Energy Bill Relief Scheme. You can find out more about how the scheme will work and if your business is eligible to receive support from the scheme on the gov.uk website
• The scheme will see the government set a Supported Wholesale Price for both Gas and Electricity which will discount the price per unit
• For those who are eligible, discounts will be applied to energy bills between 1^st October 2022 until 31^st March 2023
• Discounts will be applied to bills automatically
• The scheme will be reviewed in 3 months’ time to inform support that may be offered after March 2023

What other support is available to help businesses with energy costs?

The government also draw attention to

• The Industrial Energy Transformation Fund
• Local advice and grants schemes which aim to help improve energy performance
• Advice & steps for reducing emissions from the UK business climate hub

Continue to invest in your insurance

We appreciate times are hard for businesses of all sizes. But we would urge businesses to continue to invest in your insurance.

Ensure that you have a good understanding of both the cover that you need. And how much of that cover you require to avoid finding yourself in a position of underinsurance. Or of over insuring – this could see you pay for cover that you will not benefit from.

Working with an insurance broker such as Anthony Jones can help give you the peace of mind that you have the right type and level of cover in place.

Without adequate insurance in place, you could find your businesses facing significant costs in the event of a claim. Costs which are likely to be far higher than the price of your insurance cover. And at times like this, is it worth taking the risk?

If you are reviewing your business insurance, do get in touch with us at Anthony Jones on 020 8290 9080 or email us at business@anthonyjones.com. Find out how we can help you manage your costs whilst also maintaining the right level of insurance cover.