What is credit insurance?
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.
Credit Insurance protects businesses should a debtor become insolvent or fail to pay a long outstanding debt; it can also keep track of the credit strength of your customers and suppliers.
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.
If your business is dependent upon regular cash flow or a handful of major customers, then you should seriously consider credit insurance as part of your disaster recovery and risk management review.
What insurance do I need to consider?
Every club, organisation, and race is unique, so no ‘one size fits all’ insurance plan or solution exists. Aside from contents insurance, there are some other recommended insurance options for your club, such as:
Public Liability
Personal Accident
Cyber Insurance
Legal Expenses
Kit & equipment
Employers Liability
Event Cancellation
Sports travel insurance
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Economic concerns increase demand for 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.
Customer & supplier insolvencies: A risk to your business?
Here are some tips to help you identify customers and suppliers who may be putting your business at risk.
What is credit insurance and why is it so important?
Credit Insurance is designed to protect your business if a customer does not pay, or goes bust, or a supplier does not deliver, or goes bust. It can also keep an eye on your customers’ credit to give advance warning and help reduce exposure to potential bad debt.
Interested in Mann Broadbent’s Credit Insurance?
Get in touch with us and see how we can assist your credit insurance needs.
What would you like to do?
Request a quote
Make a claim
Contact us
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