Insolvency Insurance

Discussion in 'Tradespeople' started by J.McVeigh, Aug 2, 2018.

  1. J.McVeigh

    J.McVeigh UKBF Newcomer Free Member

    28 3
    Hi,

    Does anyone use insurance to protect against Main Contractor insolvency? For previous companies I have been employed by have used this in the past, but I can't remember for the life of me who they used. It was affordable too!...

    Does anyone have any recommendations?

    Cheers,

    James
     
    Posted: Aug 2, 2018 By: J.McVeigh Member since: Mar 20, 2018
    #1
  2. Karllacey

    Karllacey UKBF Regular Free Member

    153 21
    Posted: Sep 5, 2018 By: Karllacey Member since: Jun 24, 2013
    #2
  3. Blaby Loyal

    Blaby Loyal UKBF Ace Full Member

    1,016 193
    That link is to what looks like a proposed product only from 14 years ago though?
     
    Posted: Sep 5, 2018 By: Blaby Loyal Member since: Jun 12, 2018
    #3
  4. Blaby Loyal

    Blaby Loyal UKBF Ace Full Member

    1,016 193
    If you Google something along the lines of "credit insurance brokers uk" that should give you shed loads of pointers of where to make further enquiries.

    Google "main contractor insolvency insurance" if you are the employer looking to insure the risk of your main contractor on a job going bussed.
     
    Posted: Sep 5, 2018 By: Blaby Loyal Member since: Jun 12, 2018
    #4
  5. Ian J

    Ian J Factoring Specialist Full Member - Verified Business

    5,075 1,443
    It would be good to think that everybody did but far too many don't bother then come on here complaining that they are insolvent due to their main customer going bust and not paying them.

    I use Graham Green of Credit & Business Finance Group LLP ( https://www.cbfb.co.uk/ ) Give him a buzz on 07944 092166
     
    Posted: Sep 5, 2018 By: Ian J Member since: Nov 6, 2004
    #5
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  6. J.McVeigh

    J.McVeigh UKBF Newcomer Free Member

    28 3
    I wanted to post an update on this one. Ended up sorting this with a reputable credit insurer. The visibility that I now have on current and potential customers is awesome. The great bit is that it's safety in numbers. The credit insurers know about bad debt if their customers get them to chase a debt therefore it acts far quicker than a credit report ever could. If we all had credit insurance then poor paying Main Contractors would have nowhere to go as all subbies would know the risks associated with a particular builder. With guidance from our account manager, we are now targeting customers who are supported by the credit insurer which should drive greater efficiency with our work winning activities, but most importantly, ensure we are getting paid and being paid on time. Fully recommend. One happy customer. Thanks for all the input guys
     
    Posted: Sep 17, 2018 By: J.McVeigh Member since: Mar 20, 2018
    #6