US Tariffs and Global Market Shifts: Time to Reassess Your Business Insurance

Introduction

We are only a few months into the year, but already 2025 is proving anything but stable. Global markets are reacting to significant geopolitical changes - most notably, the return of Donald Trump to the U.S. presidency and his administration’s push for new tariffs on imported goods. These developments are sending ripples through supply chains, pricing structures, and business forecasts across the UK and Europe.

If your business relies on logistics, imported materials, or cross-border partnerships, your insurance needs may already be shifting. You don’t have to wait for your renewal date to take action. Now is a strategic moment to review your policies and ensure you’re covered for the year ahead.

 

Why Now?

Spring used to be a convenient seasonal checkpoint - but now, it’s necessity driving urgency. With supply chain volatility, fluctuating fuel prices, and growing pressure on transport and logistics, your existing insurance cover may no longer match your operational realities.

The potential for sudden policy changes in international trade means risk is harder to predict. Reviewing your insurance now ensures you are not caught off guard by increased premiums, gaps in cover, or overlooked exposures.

 

Key Areas to Review in Light of Current Trends

 1. Commercial Vehicle Insurance

• Market Dynamics
  Commercial vehicle activity often increases in spring due to seasonal contracts and event work. However, the more pressing concern in 2025 is the impact of global disruption. The Trump administration’s proposed tariffs in the U.S. may not apply directly to UK imports, but they could reshape global trade flows and logistics priorities. Indirect consequences for UK fleets might include increased competition for freight space, shifts in part availability, and fuel cost volatility - all of which can affect repair costs, claims patterns, and insurance premiums. Fleet managers should ensure that their coverage reflects these shifting realities and supports business resilience.

 

• Action Steps

  • Reassess your fleet’s usage and routes.

  • Ensure your driver list and vehicle values are up to date.

  • Review policy limits, especially for long-haul or irregular-use vehicles.
    
    

2. Courier & Light Haulage Insurance

• Industry Update
  The UK commercial motor insurance market continues to face challenges. According to The Association of British Insurers (ABI), car insurance costs in the UK rose significantly over the past few years.  This reflects ongoing inflationary pressures, rising repair and labour costs, and tighter underwriting across both private and commercial motor sectors (ABI). This upward trend is being driven by a combination of rising repair costs, ongoing parts shortages, and longer vehicle downtime - all of which increase claims expenses. For courier and light haulage businesses operating under tight schedules and growing last-mile delivery demand, even minor incidents can quickly lead to higher premiums and stricter underwriting. Additionally, inflation in the value of goods transported means many operators may be underinsured without realising it.

  
  From a UK perspective, the proposed reintroduction of U.S. tariffs under President Trump’s administration adds another layer of uncertainty - especially for businesses that export goods to the U.S. or depend on globally integrated supply chains. While the tariffs themselves apply to U.S. imports, their ripple effects are felt globally. As outlined in the report by the Oxford College of Procurement and Supply, UK businesses may face indirect impacts such as delayed shipments, increased freight costs, and global supply realignments. These shifts could lead to greater customs friction, variable transit times, and inflated insurance exposure for goods in transit. Moreover, changes in U.S. buyer behaviour could affect demand predictability for UK exporters relying on courier or haulage partners. Logistics firms should reassess their policies in light of these potential disruptions -  including whether current values, delays, or risk assumptions still hold true.

 

• Action Steps

  • Review your Goods in Transit cover for accuracy in value and volume.

  • Check your liability terms - are you taking on new contracts or expanding regions?

  • Consider add-ons like cover for fragile, high-value, or time-sensitive items.

 

3. Tipper & Mixer Operators Insurance

• Regulatory Changes & Fuel Cost Volatility
  With UK insurance regulation updates expected later this year, operators working on construction or infrastructure projects need to ensure they are compliant (CLC). Additionally, tariffs and geopolitical uncertainty can contribute to fluctuating costs for imported materials like cement, steel, and diesel. Such volatility impacts project timelines and can alter risk exposure, particularly for vehicle-based work. Operators should assess whether current policy limits and public liability coverage remain fit for purpose given these evolving conditions.

 

• Action Steps

  • Keep up with regulatory announcements specific to plant and construction vehicles.

  • Confirm your policies match on-site requirements for public liability and driver cover.

  • Factor in fuel cost changes and supply disruptions when reviewing policy values.

 

4. Media Industry Insurance

• Emerging Risks
  Freelancers, agencies, and studios are increasingly exposed to both physical risks (equipment damage, theft) and digital threats (client data, online workflows). In the context of shifting global trade dynamics, changes in demand, funding, and international production partnerships can influence how media companies structure projects and protect their assets. With uncertainties stemming from U.S. tariffs and potential regulatory knock-ons, UK-based media producers may find themselves facing fluctuating costs for imported gear or delayed turnaround for outsourced services - raising the stakes for business continuity planning and comprehensive media cover.
   
  Cyber threats are escalating across industries, with UK media and creative businesses facing increasing exposure to ransomware, phishing, and supply chain attacks - particularly as more production and client workflows move online. While global trends point to intensifying risks, local challenges such as gaps in IT security protocols and increased data handling are putting UK-based studios and agencies under pressure. Media firms should treat cyber resilience as a priority risk factor, not just an IT concern.

 

• Action Steps

  • Review your equipment and transit coverage -  are all your assets accounted for?

  • Ensure public liability and professional indemnity match the scale of current contracts.

  • Add cyber liability if working with client data or cloud-based storage systems.

 

5. Cyber Liability Insurance

• Market Trends
  The UK cyber insurance market is forecast to grow at a rate of 13.4%, reaching nearly £3 billion by 2030 (Mordor Intelligence). Why?  Because threats are accelerating - from ransomware to phishing, AI-powered fraud, and supply chain hacks. Unlike other insurance sectors that may be more directly impacted by tariffs or supply chain disruption, cyber risks transcend borders. However, increased geopolitical tension and economic uncertainty can raise the likelihood of state-sponsored cyberattacks, politically motivated breaches, and vulnerabilities across global systems. Every business - large or small - can be seriously impacted by a cyber incident, making it essential for UK firms to treat cyber security as a critical aspect of their operational risk management. Rather than relying solely on reactive IT solutions, individual companies should develop proactive strategies: assessing their digital assets, investing in training, ensuring incident response readiness, and working with insurers who understand evolving threats. Effective cyber resilience means building internal defences and recovery processes that align with global risk exposure.

 

• Action Steps

  • Re-evaluate your digital risk profile: have your systems, teams, or platforms changed?

  • Check that your cyber policy covers data loss, business interruption, and ransomware.

  • Stay proactive with internal security - underwriters reward strong cyber hygiene

 

6. Personal Accident Insurance

• Risk Exposure
  Personal accident insurance is increasingly relevant in light of ongoing workforce risks and unpredictable working conditions. For businesses where key individuals hold specialist roles - such as vehicle operators, logistics coordinators, or client-facing professionals - their absence due to injury could cause major disruption. This type of cover can also apply outside the workplace, offering protection against accidents that might happen during commutes, while travelling, or in everyday life - making it relevant for a wide range of working arrangements and lifestyles.

 

• Global Pressures
  Although tariffs and supply chain shifts may not directly impact this type of cover, they can exacerbate workplace strain. Increased workloads, tighter delivery timelines, and resource constraints could contribute to burnout or higher accident rates - especially in physically demanding roles. And with more staff operating in hybrid or mobile setups, ensuring personal protection beyond traditional working hours is becoming increasingly important.

 

• Action Steps

  • Identify critical staff or roles that would be difficult or costly to replace.

  • Explore policy options that provide short-term income protection or lump-sum payments.

  • Consider integrating personal accident cover with broader group risk or employee benefits packages to support retention and wellbeing.

 

How Ratcliffes Can Help

At Ratcliffes, we stay ahead of the curve - whether it’s geopolitical disruption or emerging digital risks. Our expert team can help you identify exposures, clarify terms, and ensure your insurance works for your real-world operations, not just your renewal paperwork.

 

Take Control in a Shifting World

Let’s review your cover.
Schedule a no-pressure insurance review with Ratcliffes and make sure your business is protected in today’s changing environment.  Contact us today.