Credit insurance
What is Credit Insurance?
Credit insurance, also known as Trade Credit Insurance, is designed to pay you should a customer default on a payment they owe you or go bust with an outstanding balance. A credit insurance can also provide debt recovery and credit monitoring services. Some polices will also cover against suppliers who go bust when you have paid for a product or service. Typically, the insurance will cover 90% of the loss. If you would like to know more about Credit Insurance, speak to Sutcliffe & Co Insurance Brokers on 01905 21681 or contact us here.
Why do I need credit insurance?
If a customer fails to pay you or is unable to pay, the impact on your business can be catastrophic. There are many examples of businesses having to close because another business in their supply chain leaves a bad debt. In recent years, some large, well-known brands have gone insolvent, leaving a wake of chaos. The credit monitoring service provided by a credit insurance policy can also give you an early warning that a customer or supplier is vulnerable.
What are the benefits of credit insurance?
Protects Cashflow
Covers unpaid invoices
Gives confidence dealing with large contracts
Gives confidence dealing with long credit terms
Gives confidence dealing with new customers or suppliers
Provides debt collection service
Provides early warning via continuous credit monitoring service
Improves your access to funding
Frequently asked questions
What would you like to do?
Request a quote
Make a claim
Contact us
Latest news & resources
Worcester’s Historic Properties
