Buildings Insurance protects your business premises should it be damaged by fire, flood, burst pipes or storms…
WHAT IS TYPICALLY COVERED?
Protection against non-payment due to insolvency, default and country risk
Multi-buyer – a comprehensive cover for protection against any customer default
Single customer – protection from your key account defaulting
Named customer – typically designed for businesses with a portfolio of customers that is weighted towards a handful of large exposures
"The service that we receive is amazing. I never get the impression that anything is too much trouble. Steve and Emma have always given excellent service, and I know if we have a question or issue, they will always sort it out for us. I would recommend Specialist Risk Insurance Solutions to anyone wanting Trade Credit insurance."
Robbins Timber
“We have worked with the Trade Credit team for over 15 years now and throughout these years they have continued to provide an excellent service to us. They are knowledgeable and efficient whilst handling our policy and they have provided excellent all-round support to us which is why we continue to work with them!”
TGM Consulting
"Bad debts would disrupt our cashflow and could upset our business plans. Trade Credit insurance delivers security for the business and avoids us having to set aside a large bad debt reserve. This enables us to reinvest more cash back into the business. It helps with fundraising too – lenders appreciate the security and stability it provides as well as ticking the box of best practice.”
Plantforce
"I have always found Specialist Risk Insurance Solutions a company that not only offers integrity and knowledge to support you as a business, but they are genuinely nice people that really understand what it is to partner with businesses like ourselves.
I have always seen it fitting to give credit where credit is due (pardon the pun) but these guys have been exceptional in terms of supporting us throughout the last turbulent 18 months."
Firstpoint
"We have had trade credit insurance in place for a number of years and not claimed but when we did, we saw just what great value the insurance was and we knew we had made the best decision to have it in place. During our last policy renewal, we thought that it would prove too expensive to continue given that we had already made a large claim, so we were faced with having to consider the option of self-insurance which, in the current climate, was a worry. But the Trade Credit team provided an insightful review of the market and our trade customers and offered a solution for us going forward."
Darke & Taylor Limited
FAQS
My credit control is excellent, and I’ve not had any bad debts in recent years so why do I need Trade Credit insurance?
Trade Credit insurance provides cover for risks going forwards and there is always the risk of a bad debt. With any insurance, the trick is to consider it before the event rather than after.
I have a strong balance sheet and good reserves to withstand any potential bad debt so why would Trade Credit insurance be of interest to me?
Trade Credit insurance is a highly cost-effective way to replace a bad debt reserve and to free up cash that can be put to much better use in your business.
Does the policy only provide cover in the event of an insolvency?
In general terms, a Trade Credit insurance policy provides cover in circumstances where your client is unable to pay. That will most often be insolvency but may also include other financial difficulties.
Can I pick and choose the customers I want to insure?
Yes, when you work with our specialist Trade Credit team, we will tailor the cover to your specific requirements – be it individual contracts, individual customers, a selection of customers or all of your customers.
How much is a Trade Credit insurance policy?
The price is dependent on a variety of factors, including the nature of your business, the quality of your credit management processes, and the strength of your customers. At Specialist Risk Insurance Solutions, we strive to arrange the most suitable Trade Credit solution for your business, at a competitive rate.
How do I make a claim under my Trade Credit insurance policy and how much will I get back?
As soon as you know your customer has become insolvent or is unable to pay, you should contact our Trade Credit team and we will see you through the claims process. You will typically receive 90% of the value of the insured debt. Claims will usually be settled within 30-60 days of the claim and supporting documents being submitted depending on the value/ complexity of the claim. We have settled claims in less than 48 hours before!
All my customers are “Blue Chip” so why should I consider Trade Credit insurance?
Any company can get into financial difficulty and any company can become insolvent. Some companies are better credit risks than others and the price of Trade Credit insurance reflects the risk in your debtor ledger – lower risk means lower premiums.
Is it true that insurers can reduce or remove cover on individual companies during the policy period?
Insuring trade debtors is insuring a moving target – the information on every company will change during a 12-month period and insurers will continually review all information, as would uninsured companies. Insured credit limits may decrease or increase in the light of this information and any goods or services provided with credit insurance in place remain insured until those goods or services have been paid for. Where goods and services were covered, Trade Credit cover can never be taken away, only future orders will not be covered.
What is the difference between invoice finance and Trade Credit insurance?
Invoice finance is a funding solution, which may include Trade Credit insurance (or debtor protection). This exclusive debtor protection may well be aimed at looking after the funder’s interests and not the client’s interest. It’s always worth looking at a separate Trade Credit insurance policy.
