Get an instant quote
in under two-minutes!
in under two-minutes!
Trade Credit Insurance
Putting loss behind you
Worried about unpaid invoices?
Trade credit insurance acts as a financial safety net, safeguarding your business against bad debts and ensuring your cash flow remains healthy. It protects your business from commercial and political risks, empowering you to trade confidently and expand your horizons.
What Does
Trade Credit Insurance Cover?
Customer Insolvency
If a customer becomes insolvent and can't pay their debts, trade credit insurance reimburses you for a pre-agreed percentage of the outstanding invoice amount.
Protracted Default
Even if a customer isn't officially declared insolvent but fails to pay within a specific timeframe (as defined in the policy), trade credit insurance steps in to cover the loss.
Political Risks
Unforeseen political events like currency restrictions, import/export bans, or war can disrupt trade and lead to non-payment. Trade credit insurance offers protection against such losses.
Commercial Risks
Events like a customer's sudden business closure or bankruptcy can also trigger cover under the insurance plan, depending on the specific policy terms.
Why you need a
MBFS Commercial Insurance Broker
01
Deep understanding of your business
Our brokers dive deep into your operations, identifying potential risks and tailor cover to your specific needs. They act as an extension of your team, not just a salesperson. They identify gaps in your existing cover and propose solutions that truly address your business's unique needs. You don't simply get a generic policy. MBFS is not tied to any single insurance company, giving our brokers access to a wider range of policies and competitive rates.
02
Cost-Effectiveness and Negotiation
With access to multiple insurers, our brokers can negotiate better premiums and find cost-effective solutions that match your budget. Our brokers understand insurance jargon and policy intricacies, ensuring you get the most out of your cover without hidden costs or exclusions. They proactively review your needs and market conditions before renewals, negotiating better terms or finding more competitive options when necessary.
03
Streamlined Administration and Support
Our brokers handle the heavy lifting, from initial application to policy management and renewals, saving you valuable time and resources. When a claim arises, they become your advocate, guiding you through the process, filing paperwork, and negotiating with the insurance company to ensure you get fair compensation. They stay updated on industry trends and risks, offering proactive advice to mitigate future challenges and keep your cover relevant.
04
Long-Term Relationship and Trust
You develop a trusting relationship with your broker, who becomes a dedicated advisor understanding your business needs and evolving alongside it. Having a dedicated professional representing your interests provides peace of mind, knowing you have an expert looking out for your business's well-being. They proactively communicate about upcoming renewals, potential risk changes, and market updates, keeping you informed and involved in your insurance decisions.
Benefits of
Trade Credit Insurance
Safeguard Cash Flow
Trade credit insurance acts as a shield against bad debts, ensuring your business receives timely payments and maintains a healthy financial position. This allows you to focus on core business activities without the worry of unpaid invoices impacting your operations.
Confidently Expand Sales
By mitigating the risk of non-payment, trade credit insurance empowers you to confidently extend credit terms to new customers, enter new markets, and expand your sales without jeopardizing your financial stability.
Improved Credit Management
Trade credit insurance providers often offer credit checks and risk assessment services, helping you make informed decisions about extending credit to customers and manage your credit risk portfolio effectively.
Enhanced Business Resilience
In today's volatile economic environment, trade credit insurance provides a layer of protection against unforeseen events that could disrupt your business continuity. It allows you to weather unexpected financial challenges and remain resilient in the face of potential risks.
Frequently Asked Questions
Is trade credit insurance expensive?
The cost of trade credit insurance varies depending on your business profile, the level of cover you require, and the creditworthiness of your customers. However, the potential benefits of protection against bad debts often outweigh the cost of the premium.
What types of businesses benefit from trade credit insurance?
Any business that sells goods or services on credit can benefit from trade credit insurance. It's particularly valuable for businesses that rely on a small number of large customers or operate in industries with high credit risk.
How do I file a claim under my trade credit insurance policy?
The claim process varies depending on the specific insurance provider. Typically, you'll need to submit documentation proving non-payment from the customer and follow the claims process outlined in your policy.
How can I get a quote for trade credit insurance?
Contact a reputable insurance broker or directly approach trade credit insurance providers to discuss your needs and obtain a customized quote.
What other clients also insured
