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Can your company survive if a customer fails to pay on time or at all? Bad debts can easily sink your business and it’s a risk faced by every company. We’re all used to paying out for insurance to cover commercial property or stock, but we’re not all as proactive when it comes to managing the risk of bad debt. Luckily, you can manage it effectively for less than you might think with trade credit insurance.
Trade credit insurance is an insurance policy that will pay out if one of your customers fails to pay their bills. It can cover both goods and services that have been supplied.
All businesses that trade on credit terms will benefit from this insurance. However, it’s particularly important for certain businesses. For example, if:
Every day in the UK, trade credit insurers help over 50 businesses. In uncertain times, companies can collapse overnight, creating a domino effect on suppliers.
Trade credit insurance is designed to cover two types of risk that your business faces:
Commercial risk means the risk to your business if your customers do not pay their bills due to declared financial difficulty. This could be a failure to pay completely or failure to pay within the terms of the invoice.
Political risk means the risk to your business if your business is not paid because of something outside of your customer’s control. For example, this could be as a result of political unrest or war. It could also be because of a natural disaster, like a hurricane or flooding.
As a specialist trade credit insurance broker, we’ll give you expert guidance on what your business needs to survive and thrive. We can quote for an individual trade credit insurance policy or include it as part of your complete business insurance package. You can complete the form below or call us on 0117 955 6835 to get your free detailed quote today.
“I am writing to express my thanks to your staff for the excellent customer service that has been given to…