Business Credit Insurance
The UK has over 6 million businesses. Though each one is unique, there’s one thing all businesses have in common: exposure to bad debt. With company insolvencies at their highest rate since the financial crash, more and more businesses are at risk from clients that can’t pay what they owe.
That’s why, whether you’re an SME or a large corporate limited company, we can provide bespoke business credit insurance to ensure your business is protected. This can also cover your suppliers or the specific partners you work with, all without the worry of taking unnecessary risks.
Our Business Credit Insurance includes:
As well as being able to insure your general commercial risks (such as buildings, contents, and liability), our credit insurance for businesses can cover risks such as:
- Businesses trading in the UK
- Businesses exporting overseas
- Credit management
- Replacement of working capital due to bad debts and late payment
- Complementary services such as credit assessment and collections management.
We get to know you and your business
We’ve developed excellent relationships with over 280 insurers, including exclusive niche insurers who provide specialist cover you won’t find elsewhere. Using our experience and expertise, our highly skilled and knowledgeable business credit insurance team will take the time to get to know you and your business. We can then assess the specific risks you face before providing a programme that’s entirely tailored to your business, including cover against the risk of insolvency or default by your customers leading to bad debt.
Why should I have business credit insurance?
Business credit insurance can be an important tool in providing your business with replacement working capital if a customer hasn't paid for the goods or services they've received from you. Whether you’ve not received payment due to your clients facing bankruptcy, insolvency, or political upheaval from a foreign country, having bad debts and late payments can start to impact your business cash flow. Although credit insurance is most used by our export trade clients, we already help a significant number of businesses trading exclusively within the UK. Additionally, credit insurance for businesses can provide complementary services such as credit assessment and collections management.
Business credit or invoice factoring - what’s the difference?
Unlike invoice factoring - which is not always guaranteed to protect you from non-payment risks - business credit insurance will cover you by replacing the working capital in circumstances where non-payments occur. This gives your business the freedom to continue working without concern in potentially problematic situations, such as when handling slow payments or large orders. Depending on the insurer, you could receive customer credit checks or debt collection as part of your commercial credit insurance cover, so you can make informed decisions to help prevent future risks.
Exceptional claims management when you need it most
Should the unexpected happen and you need to make a claim, our personal claims advisors will be on hand to help with any immediate assistance you need. This includes getting your business insurance claim settled quickly and smoothly to recover your losses. Our aim is to keep your business running with the minimum of disruption.
For bespoke advice, award-winning underwriting, and exceptional credit insurance claims management, it has to be Higos.