Let’s Talk- Brexit; Property and Liability
With Brexit’s imminent arrival businesses are starting to stockpile with some taking on additional premises to store this stock whilst others are relocating products and services. So, the question is how is this affecting their insurance and how are your clients’ sums insured keeping up?
In 2017-2018 nearly a third of Aviva clients left their insured profit at the same figure and 25% kept the same stock value as the previous year. Now is the perfect time to start reviewing business requirements with your customers.
Did you know?
A CBI survey* of 236 firms representing 101 large companies and 135 SME’s reported that the majority would have implemented contingency plans by the end of 2018. Of those contingency plans;
- 56% were adjusting their supply chain outside of the UK
- 44% were going to stockpile goods
- 30% were relocating production and services overseas
- 15% were looking to move jobs.
So, what does this mean for your client?
Some of your clients may need more guidance and advice at this time. It’s well worth having conversations with your clients about:
- reviewing their sums insured
- their stock levels
- any new premises that have been bought or leased
- their arrangements for any overseas insurances
- if they foresee any major changes to their workforce
- if they’ll be impacted by any import tariffs
How can Aviva help?
We have a variety of tools and solutions across our commercial small business and Mid-Market products to help you work with your clients to negate any potential underinsurance issues - from our Business Interruption Calculator to our product enhancements on Fast Trade we’re always looking at new ways to support you and your clients.
Whilst the outcome of Brexit is still uncertain, we’ll continue to monitor political developments carefully and engage with regulators and as further information becomes available we’ll continue to update you to minimise the impact to you and your clients.
In the meantime, should you have any questions please contact your local underwriter or Aviva Sales Manager.