Cash owed to a business by credit customers is often its largest asset. Protecting the debtor asset by credit insurance is not a new concept, but a highly popular and constantly evolving service.
History has repeatedly shown that as we come out of recession, and opportunities for growth increase, so too do truly unexpected bad debt losses. Credit insurance can help you trade and grow in confidence
In evaluating your credit risk, we advise how best to protect your business against the insolvency or default of its customers. Whether you are trading at home or overseas, wish to insure one key product /service or division, we can suggest solutions and provide a full admin and claims handling service. Broadly our solutions fall within the categories below, and can include pre-credit risk, work in progress and/or retentions’ cover where applicable.
- Whole turnover
- Cover on your larger accounts only (“Excess of Loss”)
- Export credit (one territory /several/ worldwide)
- Political risk (as per Export)[
- Single Customer (ongoing open credit)
- Single Customer (one-off large consignment)
- Bonds (inc. Bid, Performance, Duty Deferment)
- Financial Guarantees
Most insurers offer to collect debts which you feel are unacceptably overdue for payment on a “no win, no fee” basis. Prompt recovery means you do not need to claim, but if the Courts have to be involved, often the policy will pay out in the interim, so that your cash flow is quickly replenished.
Insurers appreciate the importance of their long-term credibility, and some will pay claims in 24-48 hours. (A vast improvement from the “olden days”!)
Our team would be delighted to assist you with any requirements.
Contact us today on 0141 637 0222 for a FREE no obligation quote, or email your requirements to: Info@lsa-ltd.co.uk