Euclidian Financial Services's new Single Buyer Cover will be available on the internet from next month.
The product is aimed at small to medium enterprises (SMEs) with annual sales of between £500,000 and £10m that don't need comprehensive trade credit cover but want protection from insolvency for one or a few of their customers.
Euclidian Financial Services, a subsidiary of Euclidian Group, started telemarketing the product last month and has already underwritten £1m of transactions.
Euclidian Financial Services managing director, Oliver Chadwick, said most SMEs didn't need or want to protect their whole sales turnover.
“They'd much prefer to be selective,” he said.
“But [they] may want to get cover when they deal with companies whose trading prospects may be uncertain because of market conditions or other issues.”
Chadwick said the product had proved equally popular across all business sectors.
“It's the A to Z of industry, for all sorts of business, common risk is common risk,” he said.
He said it was hoped Single Buyer Cover would be a “migratory product”, encouraging businesses to progress into whole turnover cover.
Euclidian Group chief executive, James Truscott, said the company only recently entered the market for trade credit insurance but the key to success was being a flexible provider.
“Britain is becoming a more entrepreneurial country and many SMEs are keen to take advantage of the current opportunities for expansion,” Truscott said.
“By being flexible and offering SMEs protection focused on individual buyers, we can give them the security and confidence they need to grow their business rapidly.”
Single Buyer Cover will be at eucredit.co.uk from November, with credit card payment facilities available.
