Members of the Unitas Alliance have handled credit and political risk insurance for over 60 years.
The number of options available to companies wishing to purchase credit insurance as a means of transferring some part of the risk is so wide as to be confusing. It is vital to choose wisely. New Insurers have entered the market place, bringing with them many new ideas.
Making a choice is not easy, as no one scheme stands out above the rest. Two insurer schemes may be similar but perhaps they have a different attitude to credit limits.
All options need to be considered. We have daily experience of dealing with Insurers and know how they perform.
An Effective Business Resource
You work hard to win business and you probably work harder still to get paid. To help you, the Credit Insurance market has designed a number of credit insurance policy solutions for businesses with small turnovers to multinationals. Not only do they protect you against the effect of bad debt but they can enhance your entire credit management function.
A Tailored Solution
A Credit Insurance policy can offer solutions that will cover:
- customers in your domestic market and/or overseas
- your top customers or nominated key customers or contracts
- bad debt loss over an agreed level
- sales by overseas subsidiaries
- pre-credit risks
- political risks only if required.
Each of these policy solutions can be tailored to your requirements according to the degree of risk you wish to keep yourself and the cover required on specific customers. These tailored solutions mean there is a policy to suit your needs.
Additional Benefits
A Credit Insurance policy not only pays a large proportion of your insured invoices if one of your customers should fail, it can also help you by:
- providing an early warning if a customer is in financial difficulty
- representing you at meetings of creditors and helping you to enforce your rights of ownership to goods supplied
- targeting your sales effort by avoiding financially weak customers.
As an insured customer you can benefit from:
- a credit opinion service on companies in the UK and Republic of Ireland
- shared information with underwriters on buyers overseas
- an effective and discreet national and international collections service provided by some insurers, or financial support and advice by others.
A Credit Insurance policy will also help you to strengthen your existing credit management function and may be one of the best investments you make in your business.
Click here to view "Your at-a-glance guide to policy solutions"
Information
By taking out credit insurance you would be joining a massive information network. Unitas Credit Insurance believes that the quality of information held by credit insurers will give your business the leading edge. Together with in-house specialists in UK and international economics, risk management and political risks, credit insurers also have access to on-line company information worldwide, a comprehensive programme for customers and country visits and extensive dialogue with major banks, embassies and financial institutions. The decisions, backed by quality information, give you the confidence to do business.
Service Delivery
To ensure the best use of your time most credit insurers deliver their service via on-line facilities. These give you the ability to apply for new credit limits, check your customers' registered details, or monitor the progress of a claim you have made.
There are no system or transaction charges other than the cost of a local phone call. These systems give you an enhanced speed of response and peace of mind, knowing you have all the necessary information at your fingertips.
For the larger Company, confident in their ability to operate their own credit management procedures, cover can be obtained with minimal interference by insurers. It provides protection against catastrophic losses and supports your own professional credit management.
Underwriters Philosophy
Virtually all insurers have a client dedicated approach to managing your policy. Underwriters will establish a day-to-day working relationship with you; they will either be experts in your industry or your country, or perhaps both. They will share with you a common goal, which will be to encourage profitable business. Credit insurance should be seen as a positive management tool rather than a shackle.
An underwriters' knowledge and information enables decisions on your account quickly and accurately. This in turn allows you to react promptly to your customers' requests whilst your cashflow is not put under unnecessary pressure.
Insurers are part of International networks. They can provide credit insurance solutions for your business, wherever you are located.
Please click here to download a Credit Insurance Questionnaire (you will require Adobe Acrobat Reader to be installed to view this document - click here to download it now).
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