Distressed Business Insurance

Distressed Business Insurance with Prosura

Trying to buy Business Insurance following a liquidation, bankruptcy or CCJ?

It might sound daunting, and you might be stressing about possible rejection. If you’ve tried online, it’s likely you’ll have been rejected.

Businesses fail for all sorts of reasons. And entrepreneurs will always look at ways of starting afresh. But businesses need insurance – and insurance companies will always ask about prior bankruptcies and CCJ’s for both prior businesses and as part of the application process. Failure to disclose will result in claims not getting paid.

Don’t worry. This is where Prosura come in. While many insurers won’t help, some will. And as a trusted Broker partner, it’s our job to ‘sell’ them why they should offer you protection. Prosura – because you have better things to do.

What you MUST declare – and why

Under the insurance act you have to disclose to insurers many things, but a big one is : Have any of the directors or partners in the business, ever: been the director of a company that has become insolvent or been forced into liquidation.

You will need to disclose if the company has had CCJ’s, or if the directors have been personally bankrupt.

This is because some insurers will see this as a moral risk and refuse cover. And if they would have refused cover if it had been declared, they can (and almost certainly will) refuse to pay out if it is discovered during a claim.
That’s the bad news out of the way. And the good news is that we can help.

Why it’s essential to use an Insurance Broker to buy Business Insurance following on from a liquidation / bankruptcy or CCJ.

There are plenty of perfectly reasonable reasons why something went wrong. In fact its reckoned that around 20% don’t make it through year 1, and almost 70% don’t last 10 years.

Lack of capital or opportunity costs can hinder development. A key supplier going bust, creating supply chain delays that sees your customers going elsewhere. The whole Covid situation saw many otherwise viable businesses go under. At Prosura, we have professional relationships with a wide range of leading insurers. We will know which one’s won’t be interested in your business – and which ones may well be, even where there’s financial issues in the past. From there, it’s our job to present your situation to them – and get you the cover that you need.

Why choose Prosura for distressed business insurance?

Whatever your circumstances, we’re here to make your life easier. Our team of commercial insurance experts can advise on appropriate cover for your distressed business – and we’ll be on hand with ongoing support, too.

With PROSURA, we’re not just about insurance, either. Everyone of our insurance clients also gets FREE access to our 24 / 7 Digital Lawyer services that could save you thousands of pounds each year.

Get in touch today to get started!

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