International Trading and Manufacturers and Suppliers Insurance24/05/2018
It’s an undeniable fact that Brexit will dramatically alter how your organisation conducts business outside of the country. Fortunately, much of the world is still clamouring for British-made goods and willing to pay up to 22% more for them, according to research from Barclays Corporate Banking. This interest in British-made goods could contribute an estimated additional £3.45 billion to the economy each year.
Nearly half of young consumers between the ages of 25-34 outside the country said that they were likely to buy a product just because it was made in the UK. The most popular British-made goods are food, cars clothes and alcohol. To take advantage of the booming market for British-made goods, consider making these five simple changes:
1. Offer customers the option of paying with multiple types of currency.
2. Provide customers with the ability to change the language of your website.
3. Keep your shipping costs low
4. Build and maintain an online presence on several different social media platforms, such as Instagram, Twitter and Facebook.
It is important as a manufacturer or supplier that your insurance provider is made aware of and extends the cover to apply to your imports and your exports. This needs to be disclosed specifically in respect of the amounts of products coming from or going to specified territories. This area of cover can be particularly significant when dealing with imports from China or exports to the US / Canada.
It would also be our advice to sign no contractual waivers with your suppliers in regards to “right of recourse” and it would be relatively common for insurance policy conditions to stipulate that full rights of recourse must remain in place.
Another cover which applies specifically to Manufacturers and Suppliers is Products Recall Insurance – this is notoriously sought after by policyholders but inherently difficult to get Insurers to include. We have access to specialist facilities which can enable us to be able to include this cover at a cost-effective price.
If you have any queries regarding insurance for Manufacturers or Suppliers we at First Insurance Solutions are happy to advise or quote for you.