Consultancy firms urged to insure against Brexit fallout

Consultancy firms are being urged to square up to the potential challenges of Brexit and implement insurance measures to help stave off the many risks that could lie ahead.

That’s the warning from insurance brokerage constructaquote.com. From obtaining EU work and travel permits to redefining growth strategies for clients, consultants of business management, information technology, or human resources to name just a few, will need to reconsider plans and update contracts that will affect their businesses for the months to come, says constructaquote.

While many consultancy firms have enjoyed success off the back of delivering Brexit advice and campaigns to businesses and organizations, now is the time to identify issues that may impact how consultancy firms themselves will trade and do business with clients or employees in EU countries. Included in these challenges is the revisiting of the terms and conditions of insurance policies which could change in the coming weeks, according to constructaquote.

The firm’s chief executive, Lyndon Wood, said: “It’s vital that consultancy firms review and update their contract clauses pre-Brexit to prevent losses and to ensure adequate cover remains in place for employees and clients. The operational impact, the financial impact, whether your clients have chosen to relocate, all of these elements need to be considered and could impact your insurance.”

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