Tariff risk requires organisations to assess their supply chains and market exposure. It’s important to identify which goods or services you trade in could be affected by tariffs. This helps uncover key risk management actions and ensures your insurance cover is appropriate to protect your business.
This short guide outlines how resilient organisations can respond to significant uncertainty and highlights key insurance considerations.
Who should read this guide?
Business owners and executives managing global supply chains
Risk and compliance managers assessing exposure to international trade changes
CFOs and finance teams preparing for financial impacts of tariffs
Insurance and procurement professionals reviewing existing cover and supplier arrangements
Anyone responsible for business continuity or contingency planning
Key questions to ask internally
The following questions are a starting point to help you assess potential disruptions due to tariffs:
How does your insurance policy cover financial disruptions caused by new tariffs?
Can your business interruption insurance respond to supply chain delays due to tariffs?
Have you tested your business continuity plan for tariff-related disruptions?
Are your suppliers facing challenges due to tariffs that might affect their delivery ability?
When was the last time you had an insurance valuation?
What steps are you taking to secure insurance for new or emerging risks related to international trade?
What short-term risk management actions can you take?
Review your supply chain dependencies and exposure to tariffs in different markets
Build scenarios around potential tariff changes and prepare response plans
Model the financial impact tariffs may have on your business operations
Explore alternative supply chains or new markets to reduce risk
Read the guide in full
While these are useful steps, our full guide offers more comprehensive risk and insurance considerations. Learn more about how tariffs could affect key areas of your insurance program, including Political Risk Insurance, Trade Credit Insurance, Directors’ and Officers’ Insurance, Business Interruption Insurance, Contingent Business Interruption (CBI) Insurance, and Insurance Valuations.
Download our guide for more details (on the right for desktop users and at the bottom for mobile users).
The contents of this publication are provided for general information only. Lockton arranges the insurance and is not the insurer. While the content contributors have taken reasonable care in compiling the information presented, we do not warrant that the information is correct. The contents of this publication are not intended as a legal commentary or advice and should not be relied on in that way. It is not intended to be interpreted as advice on which you should rely and may not necessarily be suitable for you. You must obtain professional or specialist advice before taking, or refraining from, any action based on the content in this publication.
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