Experts in Sport, Dance and Leisure insurance
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If you’re a business owner, 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.

While this may seem an extreme and ‘won’t apply to me’ scenario, there are signs in the economy that businesses are struggling to stay afloat. Your business may be healthy, but it’s only as good as your suppliers, your contracts and your customers.

Mike Clark, chair of the BIBA Trade Credit Working Group, said: “Recent statistics from the Insolvency Service show a 15% increase in company insolvencies for Q3 2017 which is troubling. The prospect of higher UK interest rates, uncertainty over Brexit, the impact of more restrictive US trading policies and even political uncertainties in Spain are reasons why companies of all sizes might want to consider reviewing the ways they can mitigate their exposure to bad debt.”

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 customers and suppliers. It is also something that needs to be on the table when discussing your commercial insurance portfolio.

Duncan Sutcliffe, director, Mann Broadbent, commented: “Markets, both local and international, have been relatively stable in recent years, leading to many businesses trading with confidence. However, there are worrying signs that this stability is no longer the status quo and now is the time to take action to protect your business.”

It is not just SMEs that need to take steps, even large corporations are affected: the recent insolvencies of Monarch Airlines and Misco, the computer reseller, are evidence of that.

Duncan concluded: “Now is the time to discuss this with your insurance broker, if you haven’t already: get the protection you need to avoid a potentially damaging situation that’s outside your control, before it’s too late.”

If you would like more information, please contact the Mann Broadbent team on 01905 612336 or click here to contact us via email.

"Just a few lines to congratulate all at Mann Broadbent on your fabulous claims service , it makes my job easier believe me. Keep up the great work!"

Jeff Jones, Senior Partner, Lawson D Jones

The Somerset Cricket League contacted a number insurance providers when it decided that every club MUST have Public Liability cover if it was to be a member of the League. We looked at a selection...

Ray Hancock, Hon. Secretary, Somerset Cricket League

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Mann Broadbent have always gone to great lengths to look after the insurance needs of the Worcestershire FA and have provided an excellent service for over 20 years.

Mervyn Leggett, Vice - President, The Football Association

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I am continually impressed and greatly appreciated the prompt and very efficient service we always receive from Mann Broadbent in dealing with the Public Liability/ Personal Accident, ...

Les Todd, Vice President, Northumberland FA

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Mann Broadbent have gone to great lengths to understand the insurance requirements of Last Man Stands Franchise holders in the United Kingdom ...

Wayne Greve, Last Man Stands

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We moved all our insurance business to Mann Broadbent earlier this year and have found the service to be exemplary with the highest of professionalism at all times ...

Mike Pegg, National President, English Petanque Association

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Sutcliffe Insurance Brokers Ltd t/a Mann Broadbent is authorised and regulated by the Financial Conduct Authority 306068
2 Foundry Street, Worcester, WR1 2BJ tel:01905 612336 | Registered in England No 1167560
If you cannot settle your complaint with us, eligible complainants may be entitled to refer it to the Financial Ombudsman Service for an independent assessment.
The FOS Consumer Helpline is on 0800 023 4567 and their address is: Financial Ombudsman Service, Exchange Tower, London E14 9SR.
Website: www.financial-ombudsman.org.uk/
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