Small Businesses: Energy
The question
To ask the Secretary of State for Business and Trade, whether he is taking steps to encourage the development of insurance products to protect small businesses against sudden energy price spikes.
Answered by Blair McDougall
The government recognises that energy costs are a real concern for small businesses. Government supports a competitive insurance market and encourages firms to shop around for suitable cover. Businesses struggling to secure insurance can contact the British Insurance Brokers' Association (BIBA) for guidance and access to specialist brokers.
We are taking broader action to help firms manage energy cost volatility. This includes increasing the Boiler Upgrade Scheme grant to £9,000 to help SMEs transition to lower-cost heating. In addition, strengthened Ofgem protections, regulation of third-party intermediaries, and expanded Energy Ombudsman access are improving transparency, redress, and resilience for business energy consumers.
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