UK businesses are undergoing a tough time right now! Financial pressures from political change, national insurance adjustments and tax hikes, plus global war and inflated costs of import / export duties are all putting immense strain on companies to perform successfully.
If businesses can adapt to survive this next wave of financial challenges, then they should be in a better position to improve for long-term growth and build stakeholder confidence for the future. However, to achieve this, it all comes down to putting in place the correct building blocks to improve business resilience, manage risk, and adapt to changing conditions.
Here at JRW Risk Solutions we understand that these challenges can be tricky to navigate and so that is why some years ago we introduced Credit Insurance to our commercial insurance portfolio. Credit insurance is a policy that protects businesses against financial losses if a customer fails to pay for goods or services due to insolvency, bankruptcy, or prolonged default.
How can Credit Insurance safeguard your business finance?
Credit Insurance acts as a ‘safety blanket’ to safeguard businesses and allows them to trade with confidence. The policy will protect businesses in several ways:
- Work Flexibility: Protects whole annual turnovers, key customer accounts or just one-off projects.
- Geographical Scope: Cover is obtained for UK trading only or worldwide, which also includes shipping costs.
- Financial Protection: Helps to improve cash flow and offers balance sheet protection, together with enhanced credit control features.
- Quality Assurance: Provides access to trade finance and the opportunity to negotiate favourable credit terms with suppliers.
- Peace of mind: Safeguards the business against bad debt issues and protects shareholders against loss of profits.
If you are looking to go a step further to protect your business against unforeseen financial circumstances, then JRW Risk Solutions can help. Please contact our experienced team about Credit Insurance for further information.