New products in the Trade Credit area are allowing businesses to trade more confidently, safe in the knowledge that should they suffer the loss of a bad debt, credit insurance will be there to support them.
A few months ago we launched a product in association with Nimbla to provide credit insurance cover on single invoice basis. Through this online platform a full service can be accessed, from an insurance decision and quotation, through to invoice payment and claim management.
Thanks in part to Government support and due to the success of the product, new additional capacity for Nimbla has been released, allowing even greater risk appetite than before. This means more businesses can benefit from the certainty that should they suffer a bad debt, they have protection in place to support them.
Benefits of Trade Credit Insurance
Some businesses will not be in a position to pay for goods or services upfront and therefore will be looking for suppliers to offer either new or extended credit terms. If a customer fails to pay due to insolvency then the supplier may also fail as a result, leading to a ‘domino effect’.
Businesses may receive an order from a new or existing customer for the provision of goods/services requesting different credit terms. Without payment upfront suppliers will be obliged to undertake the credit risk but how can you check the creditworthiness of the customer and protect yourself against non-payment?
With Nimbla we can offer an innovative solution
Through a simple online platform you can obtain a credit opinion on any of your customers before proceeding to the quote process – and purchase protection for invoice(s) up to a maximum of £110k per invoice or £500k per customer. The cover is for insolvency only and lasts for 12 months after the due date of the invoice.
Our new trade credit solution is quick and easy to use, which can help provide you with confidence at a competitive price - visit the website, watch the video and find out more.
