Key Benefits of Trade Credit Insurance
Trade credit insurance protects businesses against the risk of a customer finding itself unable to pay for goods and services supplied and potentially your work in progress. It is a dynamic form of insurance, adapting as customer profiles and business needs change.
The benefits of trade credit insurance are multi-fold and some of the key benefits are listed below.
Grow Your Business With Confidence
Credit insurance helps reduce uncertainty when dealing with new customers as it provides a safety-net against unforeseen losses.
Reduce Exposure to Non-payment
Credit insurance facilitates access to intelligence that allows you to identify high risk customers and reduce exposure.
Protect Short-term Cash Flow
Credit insurance replaces money lost through customer non-payment, enabling your business to continue trading normally.
Manage Long-term Profitability
Combined with credit control, credit insurance provides a consistent risk management approach and robust debt collection process.
Protects the Bottom Line
Growing your customer base involves risk, but credit insurance helps mitigate that exposure while you look for greater profitability.
Improve Access to Finance
Banks and other lenders are reassured by the protection credit insurance offers, which improves access to finance.
Flexible and adaptable
Credit insurance is flexible and provides cover for different sizes of business in different industry sectors.
Competitive Edge
If competitors can’t take the risk of open credit terms, credit insurance will make your business seem more attractive to customers.
Business Agility
The protection and intelligence provided by a credit insurance policy can help your company adapt to market needs more quickly.