What is trade credit insurance?
If you trade or sell goods on a credit basis, you’re at risk of bad debt or nonpayment by customers. This can disrupt your cashflow and leave you out of pocket.
Trade credit insurance is important for protecting your income and business assets against potential customer failure. With the right cover, you can grow your business confidently, knowing you can be protected if things go wrong.
Who should consider it?
All registered businesses that sell goods and services on credit terms, such as 30 days to pay, should consider trade credit insurance. This includes businesses that trade domestically and internationally.
Some trade credit insurance policies also offer the bonus of working with designated collection agencies to help you recover your debts – taking the pressure off this difficult and time-consuming process
Late payment times have continued to increase, this suggests that some of the weakness evident in the economy early in 2017 has impacted the time it takes firms to pay their bills.
Did you know?
15.3
(Dun & Bradstreet, Late Payments in Australia, Dun & Bradstreet 1st Quarter Analysis 2017)
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