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Economic concerns increase demand for credit insurance

More businesses are worried about cashflow and the risks to their business from a financially stressed supply chain. The British Chambers of Commerce most recent quarterly survey reported weak business conditions with no signs of improvement for most. Other reports released this week show 2020 had the worst retail figures for 25 years and car sales for 30 years, meanwhile Coronavirus continues stifle the economy and the impact of Brexit remains to be seen.

Inevitably in 2021 we will see more businesses struggling to pay their bills and more businesses forced to close, on top of the big names we lost in 2020. Every unpaid bill and closure will have a knock-on effect within the supply chain with the potential to see a domino effect of hardship and further closures.

In a move to protect against unpaid invoices businesses are increasingly turning to Trade Credit Insurance to reduce he financial risks of trading in such uncertain times.

What is Trade Credit Insurance?

A Trade Credit Insurance policy is designed to refund you if a customer fails to pay and can even cover you if a supplier fails to deliver. In addition, most polices will also monitor your supply chain to alert you if a business you deal with is at increased risk of going bust, enabling you to take pre-emptive action.

Where do I get trade credit insurance?

If you are concerned by the potential effect of unpaid bills on your business and would like a quote for Trade Credit Insurance please call us on 01905 21681 or contact us here and we will arrange for a credit insurance specialist to speak with you.