There are many factors that contribute to running your business successfully; a culture that encourages creativity and innovation, inspiring and supportive leaders, employee engagement and wellbeing, to name a few. Whilst you have an element of control over these factors, some things just don’t go to plan. In fact, your actual customers could be a potential barrier to success.
Whether you are a small business, medium sized or a large global company, there will always be a risk that your customers won’t pay you. There are many reasons why this might happen, such as their business might be in trouble, they might not have the money, or they could just choose to delay payment. This is where Trade Credit Insurance comes in.
In this article, we explain what Trade Credit Insurance is and why it’s important to not only protect your business, but help it grow.
How Does Trade Credit Insurance Work?
A cost-effective and simple way of insuring against the risk of not getting paid by your customers, Trade Credit Insurance enables you to conduct your business with confidence.
Trade Credit Insurance is a service that monitors creditors and protects businesses. It can help take away the stress that late payment brings, protecting what you have and enabling you to concentrate on what you do best – growing your business.
It is much more than financial protection, it also provides access to highly valuable reports about the health of the companies and sector insight and activity in the marketplace, helping businesses to implement growth plans with confidence.
Why Should You Consider Trade Credit Insurance?
1) Protection for Your Business
Trade Credit Insurance will be there to quickly replace money that your business loses through bad debt, giving you peace of mind that your outstanding invoices are protected.
2) Supports the Profitability of Your Business
By helping you safely consider and take on new customers quickly, Trade Credit Insurance will help you make the correct decisions and give your business profitability a boost.
3) Encourages Business Competitiveness
With the ability to offer open credit and access to comprehensive customer insight, Trade Credit Insurance will help you make informed decisions around your business risks and set you apart from competitors.
4) Helps Facilitate Business Growth
By giving you the confidence to deal with new clients and increase credit lines to existing clients, Trade Credit Insurance allows you to expand your business securely, including entering new markets domestically or overseas.
Types of Credit Insurance Cover
- Whole Turnover Cover
- Principle Customer Cover
- Catastrophe Cover
- Single or Specific Account Cover
In addition to traditional Trade Credit Insurance, we can also provide expertise and solutions in the following areas:
- Political Risk Insurance
- Trade Finance
- Credit Reports
- Bonds & Guarantees
- Personal Guarantee Insurance
Why Thomas Carroll?
- We pride ourselves on getting to know our customers’ business and understanding their individual needs.
- We will use our specialist knowledge of the Trade Credit Insurance market in order to tailor a Trade Credit Insurance package that will cater for your requirements.
- We will provide assistance should any of your customers need a higher credit limit facility.
- Should insurer(s) flag up a potential problem with the credit worthiness of any customer(s), we use our expertise to make sure you get fast, accurate and reliable information to enable you to take the appropriate action.
- In the event of a claim, we will manage the process efficiently to ensure fast payment in order to protect your cash flow.
- We always endeavour to manage your Trade Credit Insurance policy professionally, from inception to renewal, in order to be certain that you are receiving the very best level cover at the most cost-effective price.
Can We Help?
To find out more about Trade Credit Insurance and how it can benefit your business, please contact our specialist, Rob Farquharson by calling 02920 858605 or by emailing email@example.com.
You can also view our Trade Credit Insurance FAQs here.