Trade Credit Insurance
How well do you know your customers?
You may know your customers well and they have probably always paid within your contracted payment terms but how well do you know your customer’s customers?
In light of recent news regarding the liquidation of the UK’s second biggest construction company, Carillion Plc, RBIG would like to take this opportunity of reminding its clients of the importance of Trade Credit Insurance and how it could help minimise the impact of bad debts.
Carillion’s demise will send shockwaves throughout many trade sectors, not just construction! As supply chains are revealed, we will see up to 30,000 businesses affected by Carillion’s failure to pay the contractors employed to carry out their and any sub-contractors they themselves employed.
Credit insurance, or trade credit insurance, primarily provides businesses with protection against the failure of your customers to pay their debts and substantial delays in receiving their payments but there is much more to Credit Insurance than just paying out a claim and RBIG consider the following as equally important benefits.