The trade association worked with a trade credit specialist on the guide
Biba has launched a trade credit insurance guide to help businesses protect their cash-flow.
The trade association for brokers worked with Croydon-based trade credit insurance specialist CMR Insurance Services, which is part of PIB Group, on the guide.
The guide explains the need for trade credit insurance, which protects businesses from the risk that its customers cannot pay invoices.
Trade credit insurance also reduces the risk of bad debt destabilising a business and can enable businesses of all sizes across a wide range of sectors to grow, capitalise on trade opportunities and protect their bottom line.
Biba’s technical services manager Shaune Worrall said: “This type of insurance is invaluable to businesses, but many may not be fully aware of it. This guide explains how trade credit insurance works and the additional benefits it provides.
“We worked with our member CMR Insurance Services to create this guide and their expertise allowed us to highlight all of the benefits of this cover while simultaneously helping brokers to learn more about a class of insurance they may not have advised on previously.”
It will be available on Biba’s website to brokers and businesses.
Trade credit insurance as a ‘tool’
Meanwhile, Stephen Uwins, CMR Insurance Services schemes director added: “Trade credit insurance protects a business by covering the risk of their customers not paying invoices through insolvency or buyer default.
“However, some may be unaware that it is also a tool to support a business’ credit control procedures, improve cash-flow and ultimately aid business growth. Broadening the understanding of this class of insurance will bring immense benefits to business.”
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