What Is trade credit insurance?
In simple terms, trade credit insurance protects your business against bad debts.
Whether your customer becomes insolvent or is simply unable to pay you, trade credit insurance protects your business by insuring it against the loss you suffer as a result.
You may know and manage your own customers very well, but it’s not just your own customers that represent a risk to your business. Your customers are also vulnerable to bad debts and non-payment, and the domino effect of company failure can affect you without warning, maybe even when your customer is not overdue paying you.
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Whatever the size and shape of your business, we have a solution
Through Bollington’s specialist trade credit division, Prophet Group, we can offer you:
Tailor-made Insurance – We listen, and then we work with you to ensure the most appropriate and cost-effective solution for your business.
The power of negotiation – As a leading independent broker, our leverage means we can negotiate the most competitive cover, price, and underwriter terms and we continually review your programme against other options within the market.
Key credit limits – You want key, and less straightforward, risks covered at all times. We are accustomed to maintaining an open dialogue with your customers to ensure the flow of information necessary to maintain, and increase, limits on your key customers.
Claims – When claims occur, our claims specialists work with you to get information quickly and ensure that you are paid by insurers within 30 days.
As well as trade credit insurance, we can also offer:
Credit Reports
Working in partnership with CoCredo Limited, a market-leading company providing online company credit reports, we can provide essential insight and continual monitoring of your customers, prospects and competitors.
The database extends to credit information on 440 million companies, in 220 countries across the world, all available online through a simple login.
Debt Recovery
Cashflow management is a vital element of running a successful business. In an ideal word, no business would never have to deal with late payments. But in real life, research suggests that the majority of business are guilty of making late payments to their suppliers.
Our specialist trade credit division, Prophet Group, can work closely with clients who need to recover outstanding money in a professional and transparent manner. Our processes are kept within all regulatory requirements and are geared to protecting our clients at all stages.
Get the ultimate solutions for protecting against bad debt
To find out more about these additional services available from Prophet Group – Bollington’s specialist trade credit division – please contact 0161 929 1851 to speak to our friendly team directly.
If you already hold insurance with Bollington, please speak to your Account Manager about how we can help you to protect your business with credit information, trade credit insurance and debt recovery solutions.
