As we prepare to come out of lockdown an increasing number of our customers have been looking for information on Trade Credit Insurance.
This is not an insurance that everyone knows about so we thought it would be worth a short blog post to at least encourage discussion of the issues.
It seems to us that coming out of lockdown could be a precarious time for many businesses.
You might need to stock up or complete unfinished contracts before you start to see revenue coming through the business. This will be at a time where everyone has been burning through reserves and will be a little nervous. Everyone will want credit but, at the same time, will be afraid to offer it for fear that their customers might go bust.
Credit Insurance allows you to pass that risk on to an insurer. They agree cover up to a credit limit and, if your customer can’t or won’t pay, the insurer will.
As well as helping guarantee cashflow, maybe this could give you an advantage in the market if you can offer credit terms (because you’re insured) that your competitors can’t.
You can arrange cover for all of your customers or just some of them, even a single contract. Advance payments to suppliers can be covered where the insurer returns your payment if the goods don’t turn up.
If you want some further information we can arrange a demo of how cover would operate and you can also get some FREE credit health checks on your main customers whether you take out a policy or not. That in itself is of great value.
Just get in touch via e-mail at info@bluerockinsurance.co.uk for more information.