Customer debts can arise as a result of your customer becoming insolvent, or even by simply failing to pay you within the agreed credit period.
Would your business then suffer if some of your biggest customers failed to make payments?
If so, then credit insurance will provide essential commercial protection that allows you to trade by protecting you against the effects of bad debts.
In simple terms, Credit Insurance provides your business with protection if your customer fails to pay their trade credit debts – money that is rightfully yours.
The following problems can arise if you do not have Credit Insurance:
- Problems with cash flow in your business.
- Having to self-finance the loss or late payment of a debt.
- You may have to offer less credit, making you less competitive.
- You make have to make payment for collection fees for debt collectors and legal costs for solicitors.
Credit Insurance products offer:
- Improved cash flow.
- Focused sales effort for secure business growth.
- Help in securing trade finance.
- Risk avoidance and reduction of bad debts.
- Better trading relationships with your suppliers.
- Tighter credit management discipline.
- Peace of mind through risk transfer.
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