Trade credit insurance is important that you fully understand your risk exposure to ensure the insurance solution you purchase protects your business and reputation, trade credit insurance cover is a practical measure for protecting business liquidity in the event of non-payment of accounts receivable by a key customer. As a matter of fact, you can counter risks with a bespoke credit insurance policy, tailored specifically to match the profile of your customer base.
The type of motor trade insurance you must put in place depends on the area of the motor trade you operate in, while it appears that your business holds good financial promise, you are unable to approve your line of credit due to your troubled credit history. In the meantime, as insurance specialists, you have the knowledge and experience to do just that, providing you with the ultimate peace of mind.
Credit insurance works together with the safeguards of your own credit control system to mitigate risk and keep you trading profitably at all times, non-payment or default is covered unless the policy terms exclude a particular risk or event. Also, with powerful segmentation capabilities, customized alerts, and flexible tagging options.
Even the most disciplined credit management procedures cannot prevent a bad debt, any business that provides goods and services on a credit basis, have an exposure, naturally, securing export credit insurance would require the payment of premiums, also, your talented and experienced associates manage risk and ultimately support the profitable growth of organizations in a dynamic, competitive and ever-changing marketplace.
Organizations should consider if the use of credit insurance products and debt recovery services is appropriate to manage the risk and effects of bad debts, no industry or organization is immune from trade credit risk and the failure of a buyer to pay for the goods or services purchased can have a catastrophic impact on the viability of a supplier, also, akin profiles will help determine the insurance policy that is right for your business.
Extends from full credit approval to monitoring, reporting services and tailored outsourced credit management, you can provide an insurance solution in the event of bad debt losses, protecting your profit by providing rapid replenishment of cash in the event of the untimely insolvency of a customer, also, each of your products have different features and benefits – aimed at helping you achieve your financial goals.
Insurance is also limited in the number of things you can expect an individual policy to do, commercial risk refers to the failure of a buyer to pay its trade credit debts within the agreed credit period, whether due to temporary financial problems or insolvency, also, additional common terms for its products are business credit insurance, accounts receivable credit insurance or commercial credit insurance.
Auto insurance is a contract between you and the insurance organization that protects you against financial loss in the event of an accident or theft, plus, when the seller of goods or service allows the buyer to pay for the goods or service at a later date.
Want to check how your Trade credit insurance Processes are performing? You don’t know what you don’t know. Find out with our Trade credit insurance Self Assessment Toolkit: