It is understood firms are stockpiling goods at the fastest rate in over 25 years, with warehouse space for frozen food at or near capacity.

We would urge firms who are stockpiling goods and raw materials ahead of Brexit to check the insurance implications and ensure they have sufficient cover in place.

It is advisable to see if there are any restrictions on the amount of stock or raw materials that you can hold, and the way in which they are stored as, for example, there could be an increased risk of fire. There will usually be a limit on cover for stock at the premises under commercial contents policies. While there may be cover for temporary fluctuations, firms should check that any additional stock can be covered by increasing the sums insured.

If you have any questions regarding commercial insurance please contact GPS Insurance Brokers on 020 3907 7866.