What is Credit insurance?
Credit Insurance protects businesses should a debtor become insolvent or fail to pay a long outstanding debt; it can also keep a track of the credit strength of your customers and suppliers.
Imagine the repercussions on your business if one or more of your main customers or contracts failed to pay a sizeable invoice, perhaps following bankruptcy?
Your most valued customers or contracts may appear strong but behind the scenes they may be in debt, unable to pay your bill and ready to fold. When would you find out? Probably when it is too late to get your money.
Credit insurance will minimise the risk to your business by monitoring the credit rating of your customers, recovering debts and paying you should the debt be irrecoverable. Businesses that are dependent upon regular cashflow, or a handful of major customers, should give credit insurance serious consideration as part of their disaster recovery and risk management reviews.
Rent Guarantee insurance is a similar offering for landlords, ready to offer protection should tenant default on payment of rent.
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