Could Credit Insurance cover be the key to protecting your business?
These are testing times! With escalating fuel costs intensifying to record prices and the recent exceptional hot weather, possibly due to global warming, businesses are being squeezed in terms of both productivity and running costs. Now with the potential situation of a UK recession looming towards the last quarter of 2022, businesses need to plan now as to how they will protect themselves during the turbulent months ahead.
One method to survive the situation is to protect a commercial business with Credit Insurance cover offered by JRW Risk Solutions. UK businesses can stay protected during the unforeseen circumstances of a supplier or a customer ending up in insolvency or a bad debt. By using Credit insurance cover as a means of protection, it transfers the immediate risk away from the business and instead holds it with the insurer.
This type of insurance protection not only gives companies peace of mind that their assets are safe, it also helps them to overcome the financial loss whilst they modify their own company in response to the event.
The type of credit insurance cover available to UK businesses include:
- Whole Turnover Credit Insurance – Protects a business with a non-payment from all current and future customers, typically over a 12-month period.
- Critical Customer Cover – Protects a business against named customers and allows businesses to name up to 10 customers who could cause impact through non-payment.
- Single Risk Cover – Protects a company against a single named customer or contract. The premium price is based on the value of the contract.
- Export Trade Insurance – Protects a business from overseas clients who cannot pay due to their own negative situation. This insurance protects international trade and can include other factors such a supply chain shortage, social, economic or disaster circumstances.
For further information on protecting your business against uncertainty, please contact our team at JRW Risk Solutions to find out how we can support your commercial company with Credit Insurance cover.