Credit Insurance
Credit Insurance is a simple way to protect your business against the effects of bad debt.
Many businesses, focusing upon growth and profit targets overlook the need to build safeguards around their sales ledger. They will insure their business premises, stock and vehicles but more often than not overlook the negative cashflow impact of their customer’s bad debt.
Credit Insurance normally covers the entire turnover of your business however there are also some policies that will only cover key accounts that you can select. Running your own business sometimes involves taking risks and one major risk is allowing customers to take goods or services on credit.
This is however standard trading practice within the construction industry and Credit Insurance can protect your business if your customer is unable to pay your account. You cannot predict what is going to happen to your customers or expect to know how close a customer is to collapse.
With Credit Insurance you can gain automatic online decisions for credit limit applications and have access to market leading commercial collection agencies who will pursue a bad debt on your behalf.