The premium is calculated for your business and the way you trade. This helps us make sure you receive the best match and service excellence for your business as well as an affordable premium. If you haven’t used it before, here’s how to work out what it might cost for one of our more popular policy types. The premium is based on a percentage of your sales, generally below 1%. Suppose your sales were £2 million last year and you want to cover that entire turnover. Then the premium would usually be less than £20,000.
Remember that premiums go up or down from year to year. They are affected by the losses you have experienced in the past, the customers you deal with and the sector you work in. Covering political risk as well as trade risk costs more. We calculate the best price for your situation so that these factors and your needs are taken into account.
here are many benefits to trade credit insurance. If you have just started with trade credit insurance it can be useful to review your processes and procedures so that you gain the greatest value from your policy. We can advise you on best practice too. Here are some examples of what you can do:
- Train your employees on the use of our systems. Use our information on limits and grades to improve credit control and defend against catastrophic bad-debt losses.
- Demonstrate the enhanced quality of your accounts receivable when negotiating with lenders to access better terms.
- Build our information into your sales planning to target the most financially sound new customers.
- When developing strategy and business plans, identify the risks in new markets and opportunity areas with our data.
- Access our debt collection capabilities and network to accelerate speed of payment. Aligning your processes with our systems will improve efficiency.
- Strengthen your cash flow by insuring invoices so that you are indemnified for non-payment.
- Design your financial management and reporting to identify performance improvements.
To find out more about our services get in touch with us today