Is your small business prepared for Brexit?

We have a new deadline for Brexit. The date we are now due to leave the EU has been moved back from 31 October 2019 to 31 January 2020. This date is flexible. We can leave earlier if the deal agreed with the EU is ratified by Parliament before then.

However, there is still a great deal of uncertainty. A general election has been called on 12 December and the outcome of this will have a significant impact on the path Brexit takes. There is also still the possibility that the UK could leave the EU without a deal in place.

Amidst all this uncertainty, if you are self employed or run your own small business, you may be wondering what you can do to prepare. Traditionally, at this time of year, businesses are planning for the following year, setting sales and growth forecasts. But how can you do this with both an election and Brexit due to take place in the next few months?

You now have until the end of January to prepare for Brexit. Make sure you’re ready

What can you do to prepare for Brexit?

Depending on the type of work you do, there are a number of steps you can take to prepare – deal or no deal.

Your first port of call should be to check out the Gov UK website which includes a comprehensive section on how to Get Ready For Brexit.

There is also a step by step guide on what you need to do if the UK leaves without a deal.

The following checklist should help to get you started in terms of thinking about what aspects of your business might be impacted by Brexit:

  • Do you import or export goods to and from the EU?
  • Do you sell services to the EU?
  • Do you travel to the EU for work? Make sure you have the right passport and that you have travel insurance in place.
  • Do you drive in the EU for work? If you do, it’s likely that you’ll need an International Driving Licence, a green card and a GB sticker (if you’re taking your own car).
  • Do you employ any EU nationals in your business?
  • Are you stockpiling goods or cash as part of your preparations for Brexit? Many businesses who import goods have reportedly been doing this to help with a smooth transition in the immediate aftermath of Brexit. This is in case of any customs delays or other problems with getting goods across the borders. If this is something you are considering, you should check the sum insured for your business insurance is sufficient, otherwise you risk being underinsured. This would mean the full cost of any claim might not be met.

Make sure you have the right protection in place for your business

Whatever the next few months bring, it’s important that your business is properly protected and that means having the right insurance in place. At Tapoly, our focus is on helping small businesses, the self employed, freelancers and contractors.

We offer a range of insurance products and don’t tie you in to annual policies. So if you’re not sure what the post-Brexit world will look like for your business, why not buy cover to take you to the end of January and then review the situation again at that point?

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