Brexit Uncertainties: 5 top tips to prepare your business
With the prospect of a ‘no deal’ Brexit still possible is your business prepared for the potential consequences? This is especially relevant if your suppliers or customers are based in the EU, but the knock on effects could also impact businesses that have no international trading relationships.
Take a look at these top tips:
- Review contracts: Your supplier and customer contracts may need to be amended to include international terms & conditions if the existing contract becomes void on departure from the EU.
- Review your supply chain: Map your supply chain in detail to establish where your imports & raw materials come from and assess any potential tariff changes and changes in customs procedures. For Government advice go to https://www.gov.uk/guidance/international-trade-paperwork-the-basics
- Secure your EU employees: If you have employees from the EU they need to apply for ‘settled status’ if they are to continue working. For Government advice go to https://www.gov.uk/government/publications/eu-settlement-scheme-employer-toolkit
- Consider Trade Credit Insurance: trade credit insurance has traditionally been purchased to protect businesses if customers or suppliers fail to pay or fulfil contracts due to insolvency, something we might see more of after a no deal Brexit, but Trade Credit insurance can also provide cover if customers or suppliers can’t pay or supply for reasons beyond their control, such as the political risks of a no-deal Brexit.
- Consider Management Liability insurance: Some policies will provide cover to businesses & their directors should a claim be made against them for a breach of duty, error, omission or negligence in connection with the running of the company in relation to Brexit.
Duncan Sutcliffe, director, Sutcliffe & Co added: “If you would like advice or assistance on how Trade Credit Insurance or Management Liability insurance can protect you and your business please contact us. If you would like a solution to Brexit you will probably get some interesting opinions in your nearest pub!”