The year of 2020 certainly threw a lot of pressure at businesses in terms of adjusting to COVID19 safety regulations and the passing of Brexit. Sadly, it now seems that as we continue into 2021, UK businesses are set to endure further consequences due to the fallout from both situations.
Brexit will have an impact on how businesses trade – If your company trades with other European countries in terms of buying stock or selling, then your company will need to have UK documents in place to continue trading. Brexit also means that some tariffs are increasing and contracts with associated businesses could change. Find out more at https://www.gov.uk/government/collections/the-uks-trade-agreements. Please check the to make sure you have everything in place, so that you are aware of any rising costs and also check with your insurer as to what you are covered / not covered for.
COVID19 will have further impact on the UK – Businesses are desperate to get up and running again, but with the current 2021 lockdown in place, that will now delay production further into this new year. It is important that companies use this time to pull together their admin, so that in going forward, they are as prepared as they can be. Doing the housekeeping such as ensuring accounts are up to date, checking that insurance policies protect the company for the correct factors and planning for the year ahead will all help to move the business forward once it is able to do so.
Premiums are likely to increase in 2021 – Sadly due to COVID19, significant weather claims and changes with regards to Brexit, insurance premiums are likely to rise this year. It is important that businesses make themselves aware of this, so that they can begin to shop around for the best price for their commercial insurance whilst checking the finer detail before they renew.
To find out more about any of the information covered in this topic or to obtain a no-obligation quote for your commercial insurance, please get in touch with JRW Risk Solutions. As an independent insurance broker who offers a personal service to businesses, we research the best priced insurance and ensure full insurance protection is in place based on the information supplied to our team.