Credit insurer Atradius has formed a partnership with specialist credit broker Aon Receivables Management Services to provide a credit insurance policy for SMEs.
The policy has been designed specifically for Aon and is aimed at UK companies with an annual turnover of up to £7.5m.
Atradius said it would form part of Aon's full receivables management package, which also includes credit management audits, credit information and portfolio management systems, debt collection and trade finance.
“Over 15,000 UK business failed in 2003, the majority of which were small companies with cash flow problems caused by late and non-payment,” said Atradius commercial director Peter Davies.
“For smaller businesses, the impact of a bad debt from a customer can be devastating, so credit insurance can play a vital part in safeguarding a company's future.
“Credit insurance has been an important tool for lots of big businesses for many years, but it is only recently that Atradius has developed simpler and more affordable policies so that smaller companies can now benefit from the protection and peace of mind credit insurance brings,” he continued.
The Atradius policy, available exclusively through Aon, provides cover against non-payment of debts for both UK and overseas customers.
If a company suffers a bad debt, the policy could cover the loss up to 90% of the value of the invoice, said Atradius.
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