How the Motor Trade is Preparing for No Deal Brexit
With the Motor Trade in a state of flux currently, there is no better time to assess risk and prepare for the changing landscape ahead.
With hybrid cars and electric models on the rise, the future looks bright and exiting and full of business opportunities, however as the sector advances, traders should be sure that their risk management procedures and systems evolve also.
Consider the following pieces of advice:
Regularly update your risk assessment
As your company rolls out new equipment or technology, your risk assessment procedures should be updated accordingly. Consider how this new way of working will impact health and safety, workplace systems and your insurance.
Train your team
As your company evolves, it’s of the utmost importance to keep your staff up to date in their training. Ensure every employee who operates new technology or equipment is fully trained and prepared before roll out begins. Keep a record or log of all training and regularly review paperwork to ascertain when training needs to be repeated or updated.
Monitor for criminal activity and data breaches
With new technology comes new risk. Often cyber criminals and thieves will target new systems and programmes, keen to find weaknesses wherever they exist. Review your security measures and disaster plans and if a breach occurs, report immediately so as to lessen the impact of possible GDPR fines.
How Motor Traders are Preparing for a ‘No-deal’ Brexit
With only weeks lying between businesses and the date set for Brexit (29/03/2019), companies are preparing for what may occur, should a No Deal Brexit go ahead.
The government are failing to reach agreement on their Brexit deal and motor traders are concerned about the impact to their sector. The Society of Motor Manufacturers and Traders (SMMT) recently reported that more than 70% of motor businesses think that No Deal Brexit, should it go ahead, will damage their business/
Preparation for that scenario includes:
- Expanding export activities (26%)
- Making changes to shipping routes and logistics (23%)
- Investing in development of teams and skills base (22%)
ABL Group Insurance can Help
Our team can also advise on various insurance solutions (including business interruption cover, trade credit insurance and more) which will help protect your business, should the worst occur. Send us your details for a free insurance review at any time.