In the current climate, Credit insurance is vital. In simple terms, it helps protect you against the risk of bad debts and means you can confidently get on with running your business, secure in the knowledge that if your customers don’t pay you, you’re protected.
Using a Credit insurance policy as part of a risk management strategy, helps a business to secure it’s cash-flow and also assist sales expansion by making sure bad debts don’t strangle development.
A good insurance broker will adapt and tailor Credit insurance coverage to fit with each individual business’s needs. Here are a few examples of the specific criteria a Credit broker and insurer will look out for when assessing a business’s suitabilities and needs for this type of protection:
- Previous experience of bad debts
- Funding requirements
- Concentration of risk with high exposures on several key accounts
What are the main benefits of credit insurance?
Below is a summary of the benefits a business receives, should it buy Credit insurance protection:
- Improved cash-flow
- Focused sales effort for secure business growth
- Help in securing trade finance
- Risk avoidance and reduction of bad debt
- Better trading relationships with your suppliers
- Tighter credit management discipline
- Peace of mind through risk transfer
Here at summ.it we recognise the importance of protecting your business and this type of protection is highly recommended. If you would like any further information on any of the issues mentioned above or would like a confidential, complimentary consultation on any risk and insurance protection matters, we can recommend you contact Mark Rogers at A&B Insurance Brokers by emailing firstname.lastname@example.org or telephoning 0844 257 3010.