WHY IS BAD DEBT INSURANCE SO IMPORTANT

Collecting payments from customers should be simple and routine, especially if you have systems and agreements in place to streamline your invoicing process.

If you aren’t paid by your customers, it can have a major impact on your cash flow; ultimately putting your business at risk.

CREDIT INSURANCE IS A SIMPLE WAY OF ENSURING YOUR BUSINESS DOESN’T SUFFER WHEN YOUR CUSTOMERS LET YOU DOWN

With cover from Jobson James, not only can we provide effective solutions for your business and protect against financial losses, but our policies also provide additional support on the creditworthiness of your customers and helping you build your business. Additionally, many insurers will assist with legal recovery of the amount that is owed to you.

To discuss your own requirements please contact Dean Smith, Divisional Director of Trade Credit and Surety on +44 (0) 121 452 8738 or alternatively by email at dean.smith@jobson-james.co.uk

WHO HAVE WE HELPED?

Design & Engineering Business: £5m Turnover

Overview

This relatively new business is predicting it will grow rapidly over the next few years; it was therefore looking for a credit insurance solution to support its growth and enable it to trade with the confidence required to take on a number of new and unknown buyers.

Working closely with a number of leading Credit Insurance Underwriters, Jobson James Trade Credit was able to secure cover on their key growth customers at an extremely competitive rate, which has given the directors the comfort and peace of mind moving forward. It was important that we identified an underwriter with the experience and depth of knowledge in the clients sector as well as the ability to write the necessary levels of cover and demonstrate capacity availability.

More and more businesses are turning to Jobson James Trade Credit to explore the various credit insurance options available to them. This could be anything from a standard Whole Turnover Policy, Single Debtor Policy, Top Accounts Policy, Selective Accounts Cover or a policy offering Non-Cancellable Credit Limits.

Key Information
  • UK Policy only
  • £5m Turnover
  • Helped growth of business
  • Commercially minded underwriter
  • Happy to recommend

Major Steelwork contractor with £20m Turnover

Overview

This is a well-established Steelwork company primarily dealing with principal contractors.  The company is cash rich but wanted to safe guard their profits.  They had not previously insured for bad debts.

One of their contracts with a Main Contractor had a “paid when paid” clause.  The end customer was unknown to them and they wanted to make sure they could be paid.  Most of their work is often completed before payment is due. We approached all insurers and provided a solution which provided full protection against the ultimate customer becoming insolvent.

In addition they also had ambitious growth plans and wanted to be protected against customers with whom they did not have a track record.

As well as meeting the insurers underwriters Jobson James also provided training and support to all members of staff so they could gain a full understanding of the cover provided.

The information obtained regarding their key customers has also been very useful and gained an insight into the information held by insurers which could help to avoid problems in the future.

Key Information
  • £20m Turnover company
  • Covered work in progress including design
  • Protects profit and supports growth
  • Training and support provided to QSs and finance teams
  • Covers all customers