Credit Insurance / Insurers

[pjjeff]

Can anyone give me some good advice about credit insurance? I have a wholesale company and have heard that it is possible to insure against bad credit account holders defaulting in payments etc. I would be interested to find out how much this service would cost, if it works and indeed how it all works. A recommendation of some reputable companies would help a lot so I can look into it.

Many Thanks

[KMD]

Hi

Please call me and I can give you some advise on this. Dependant on your needs will depend where best to place your enquiry.
I have access to direct providers and brokers.

Kevin
07805-902287

[ciff]

I have access to standard and unique credit insurance policies and schemes, please contact me if you require any help or see site www ciff.co.uk

Regards

Richard
07971 996658

[ciff]

Additionally some of these policies include either very cost effective or free debt collection, so if you are just looking for insurance cover or a full credit management package, there is something to suit your needs.
Regards

Richard
07971 996658

[waveneygnome]

I help run a small manufacturing business and I have tried on several times to get credit insurance on my customers.

I have tried various brokers & the direct route with the big providers.

Costs were quiet steep (for me over 5K to cover max 50K debts)...................BUT the big thing was that they would not offer cover to 80% of my customers, limited cover to 10% of my customers, and full cover to the remaining 10% who were all 'Blue Chip' multinationals who were very unlikely not to pay anyway.

What we did was to:

Credit check before offering credit
First invoice always proforma
Stricktly 30 days credit until built up trading history, then extends to 60 days
Keep very tight rein on payments - and chasing them.
Putting on STOP if payments late delayed.

I help run a small business (circa £1m t/o) and it was very hard for us to 'act tough/get tough' with customers initially (meek shy people) - now its been a way of life for past 4 yrs.

Guess what though......................not a single bad debt in the past 4 yrs (touch wood).

I appreciate it may be different in your trade, but this has worked for us.

[lockyer]

We don't personally handle this class of insurance, but for our existing clients we have got http://www.towergaterisksolutions.co.uk/insurance-products/business-insurance/credit-insurance.aspx to handle it for us.

We deal with the Leeds branch, if you need a direct contact there drop me pm

Jon