More than just insurance
Trade Credit Insurance
If you sell products or services to your customers on credit terms, Trade Credit Insurance can give you the peace of mind and confidence you need to plan the growth of your business. It provides a greater degree of certainty and safeguards your cash flow. Contact Butterworth Spengler today to discuss all your Trade Credit Insurance needs.
Do you need Trade Credit Insurance?
Whether or not you need Trade Credit Insurance is ultimately a decision that only you can make. It’s important though, that you fully understand the options and can make an informed decision.
If you’ve never suffered the consequences of a bad debt and your customers are good payers, you may feel that cover isn’t needed. However, the following are some important factors you should take into account:
- Are you looking to grow your business and attract new customers?
- Do you plan to sell your products or services to any new sectors?
- Do you sell, or plan to sell to customers in other countries?
- Are there any economic factors that might affect your customers or the sectors they operate in?
- Do you depend heavily on any key customers for a large proportion of your revenue?
- Do you have any significant expenditures of your own coming up, for which you need to ensure healthy cashflow?
The decision to take out Trade Credit Insurance doesn’t have to be an ‘all or nothing’ one. You can choose to take out cover selectively in line with your greatest areas of risk.
For example, you can take out insurance for specific customers only or agree to keep premiums down by agreeing to retain a set amount of the risk yourself. We can work with you and insurers to find the best arrangements for your business.
How could Trade Credit Insurance benefit your business?
Clearly a stable, predictable cashflow is good news for your business in its own right. Better still, it can have many further benefits for the health of your business:
- Better access to finance – Having Trade Credit Insurance demonstrates that you trade responsibly. If you need finance to help fund your business, providers are likely to look at you more favourably if you have this cover in place.
- Improved collection processes – As well as insuring any missed payments, some insurers can help you improve your collection processes and get bills paid sooner.
- Proactive risk management – Certain insurers can provide credit risk checking to help you assess potential customers’ credit risks, even in other countries. This can save you a lot of time and effort in your sales operations.
We can advise on the specific services provided by each insurer and help you find the right insurer and cover for your needs.
How we can help with your Trade Credit Insurance
We’ve helped many businesses with their insurance requirements since 1924, including Trade Credit Insurance. Now, as part of the JMG Group, we’re a top-30 UK insurance broker. Our strong relationships with insurers – including credit specialists – help us to find you the right cover at competitive premiums.
In the event of a claim, we work closely with you to help settle it as promptly as possible. We’ll ensure that you know the information and documentation you need to provide in order to support your claim. We’ll make the process as simple as possible to help safeguard your cashflow.
Contact us to discuss your Trade Credit Insurance
If you’d like to arrange a quote, or simply to discuss your Trade Credit Insurance, contact our Liverpool office or our Gloucester office and we’ll be happy to speak to you and explain how we can help.