Are You Protected?
Credit insurance products are credit insurance solutions that protect you from the risk of credit default.
Business failures are on the rise and, according to Dunn & Bradstreet, it is not because of a lack of opportunity or sales, but rather poorly managed cash flow. The problem is that executives are focusing on revenue and sales numbers and ignoring cash flow, credit risk management, and receivables management which lead to a risk of insolvency.
With Australian businesses taking almost a full month longer than average to pay their bills and 36% of them now paying in over 90 days, the risk to your cash flow is serious. If you are serious about surviving and growing your business, you need professional help to protect your cash flow, such as our credit management services in Sydney.
Credit insurance will make sure that your business is protected in the case of a client’s inability to pay any trade credit debts that they may have with you. They may be insolvent or unable to pay within the agreed time frame. These types of risks are generally known as commercial risks and insurance will cover things like the standard goods or services that are sold.
Credit insurance can also be tailored to meet the specific needs of your business and can cover risks such as work in progress and binding contracts. It should not be limited to medium or large businesses –even small businesses can benefit from this type of insurance policy. Our staff recommends that businesses of all sizes cover themselves with credit insurance to make sure that they protect the business cash flow so that they have no issues with ongoing trading.
We know that many businesses fail because they lack working capital and cannot retrieve monies owed because of bad debt from client’s failing to pay. Most companies protect things like their plant and property, but forget to ensure that their receivables are covered, which can be seen as up to 40% of their business assets.
Apart from the obvious benefits of credit insurance, we have other credit management services that you take advantage of, such as:
Capital that is tied up can be released due to a reduction in provisions for bad debt
Risks are reduced because issues will be flagged before they get out of control and become irretrievable
A credit insurance policy can be utilised as security to a lender for finance
You can monitor clients with better transparency
THE 7 BIG COSTLY RISKS faced by Businesses and how they can be simply managed.
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We deal with a number of insurers and take great pride in our stellar reputation of providing high quality credit management services in Sydney. We know the insurers’ products intimately and are constantly updating our knowledge so that we can find the best cover for you with the best value.
We guarantee that we will deliver the best price for you with our market expertise. We know that bad debt can have a range of effects on a business that exceeds simply the loss of that money. Stress can be placed on cash flow and long-term profitability may be affected.
Talk to us – so that we can help insure your business.
Don’t delay until it is too late. Protect your business cash flow today with our credit management services in Sydney today!
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Trade Credit Insurance covers for a debtor that does not pay its debt including Insolvency, Non-Payment, Protracted Default and Political Risk.