Trade Credit Insurance provides protection for businesses if a customer who owes money for products or services does not pay their debts or pays them later than the payment terms that have been agreed.
Most businesses don’t think twice about insuring their property, assets and stock, but the impact of payment default by a customer can be significant. If a large customer was to default on payment through cash flow issues, insolvency or bankruptcy, it may have a real and meaningful effect on your ability to trade, so it makes sense to protect your business from such eventualities.
As well as this, trade credit insurance can help your business grow. It enables you to sell to new customers that otherwise maybe too risky, safe in the knowledge that you are insured if they are unable to pay their debts.
- What’s typically covered?
- Protection against non-payment due to insolvency, default and country risk
- Multi-buyer – a comprehensive cover for protection against any customer default
- Single customer – protection from your key account defaulting
- Named customer – typically designed for businesses with a portfolio of customers that is weighted towards a handful of large exposures.
"Miles Smith staff are friendly, extremely approachable, responsive and very much work with us, allowing us to get on with the day-to-day running and growth of our business"
Group Finance Director, Belfield Group
"It makes things a lot easier, particularly when insurance isn’t your area of expertise. You want someone who understands how you’re set up, the way your board is, how you have to get things approved, and that you’re commercial, but do have other aspects."Read more
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How do I travel to Miles Smith's London office?
The nearest tube station to our London office is Tower Hill, which is on the District and Circle lines. Our office is within walking distance of Liverpool Street Station, Cannon Street Station, London Bridge Station and Fenchurch Street Station. You can also travel on the DLR to Tower Gateway.
If I am too busy to see a representative from Miles Smith what can I do?
We understand that many businesses are currently working from home, or where they are on-site, working life has changed to reflect social distancing measures. As we are currently working remotely, we can conduct our exercise via phone, email or video call.