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Trade credit insurance offers a level of certainty in an uncertain economic climate

With UK insolvencies rising and ongoing uncertainty in parts of the economy, increasing numbers of businesses are taking out trade credit insurance to protect themselves against the risks associated with selling goods and services on credit.

It’s an area that TL Dallas is an expert in, and we’re currently supplying trade credit insurance to clients across all industries, but what is trade credit insurance, and how can it benefit your business?

Here’s everything you need to know about trade credit insurance….

Trade credit insurance protects businesses that sell goods or services on credit terms, from the risk of non-payment by their customers, or if invoices aren’t paid within the agreed payment terms.

When a business purchases trade credit insurance, the insurance provider will typically perform a credit assessment of the company’s customers to determine their creditworthiness. If a customer defaults on a payment, the insurance provider will pay out an agreed percentage of the amount owed to the business.

Key benefits of trade credit insurance include:

1. Protection against bad debt – with trade credit insurance in place, businesses can protect themselves against the risk of non-payment by customers, reducing the impact of bad debt on their cash flow.

2. Increased confidence – by being protected against bad debt, businesses can be more confident extending credit terms to their customers, which can lead to increased sales and revenue.

3. Improved access to finance – certain lenders may be more willing to provide finance to businesses that have trade credit insurance in place, as it provides an additional layer of security for their cashflow.

4. Assistance with debt collection – some products provide additional coverage for legal fees and other costs associated with debt collection if a customer fails to pay.

5. Supporting expansion – in some instances expanding into new markets or territories can be risky, but trade credit insurance helps to mitigates this.

6. Additional financial protection – certain insurers offer credit analysis and risk assessment services as part of their coverage, which can help businesses to make more informed decisions about which customers to extend credit to and at what terms.

7. Bespoke products – our trade credit insurance policies can be tailored for all types of business, from regional SMEs to large corporates that are trading globally.

To find out more about trade credit insurance and how it can protect your business against the financial impact of non-payment, contact TL Dallas:

01274 465 500 creditbfd@tldallas.com

01324 717 466 creditdept@tldallas.com

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“TL Dallas has provided trade credit insurance for the last 10 years, which has bought great peace of mind, whilst supporting the company’s growth. The TL Dallas team ensures that ACS can secure credit insurance cover for new and existing customers, as well as giving the best advice on slow payers and claims. They have recently helped with an appeal regarding the payment of a claim, helping with cash flow. The pride they take in their work is truly inspiring going above and beyond. Thank you for everything you have done and continue to do for ACS."
Leanne CleghornACS Technology Group Ltd
“We have dealt with TL Dallas for many years and have always found the staff to be very helpful and professional in all that they do. They are able to provide specialist knowledge and a bespoke service tailored to our specific needs, and the fact that they have an office on Shetland is a huge positive.”
Gary SpenceLHD Ltd - Lerwick
“Truly a job well done and really appreciate all the discussions on our behalf.”
“I have been most impressed by the customer service from TL Dallas when a problem was discovered in the bathroom of a property which I own, and which is rented out. They were very patient when personal issues caused a delay in a quote coming to them and again when there was a delay with the invoice. We also couldn't be more delighted with the swift payment of our claim by the claims handling team at Aviva.”
“Just a brief note to say how grateful I am for all your help sorting out the hotel policy this year. Over the years I have valued your cooperation in getting not only the most appropriate cover but at the best price.”
“I immediately recommended TL Dallas given the experience and the excellent service levels we have enjoyed at our company.”
“Three generations of Whitby Morrison have worked with TL Dallas for insurance needs. The support and service received just gets better year on year. The team are always on hand to offer guidance and advice whilst scouring the market for the perfect balance between price and product.”
“As a business we have worked with several members of the TL Dallas team, and yet it always feels like you’re dealing with the same person. The transition is always seamless, and their customer knowledge is second to none. As a client, you really do matter to them.”
"Whether you’re an established business, just starting out, publicly or privately owned, TL Dallas will take care of your every need, product, and price.”
Ed Whitby
“I just wanted to say once again how impressed I always am with your team – no matter who I speak to – and I think that’s very special. Your team are always excellent with their service and we always tell as many people as possible about you! I just wanted to pass this on, as you are clearly doing something very right and have been for a long time!”
“Thank you for your excellent service over the years.”
“Thank you so much for all your help and ongoing advice. It is so good to have someone advising us who is local and has so much understanding, not only of the business, but all the other influencing factors, as well and who totally understands what our business needs.”
Mary SharpShetland Control Systems Ltd
“TL Dallas has offered us consistent, transparent, and clear advice over the years. A trusting partnership was established from day one and we feel assured that we have value for money alongside the cover we need, which in turn gives us peace of mind.”
James RycroftManaging Director, Vida Healthcare.
We have been dealing with TL Dallas for over 30 years and have always found them to be efficient. They have created insurance policies that are tailored to our needs, which has helped us evolve the company. Like every business, you only find out how good an insurance company is when you need to make a claim. This has been effortless when this has occurred and I strongly recommend TL Dallas for your insurance needs.
Peter DurkinManaging Director, Mini Gears (Stockport) Ltd
We are so grateful that you helped to resolve a situation that was causing us great concern. After being badly let down by our previous insurance provider, and after seven months of emails, phone calls and lost documents, we decided to try elsewhere. After only one week of contacting TL Dallas, we had our policy sorted and at a much lower price, which in this current economic climate makes a huge difference to us. Your professionalism and knowledge of the Social Care Sector is second to none and we are so pleased that we took the decision to move to TL Dallas. We will definitely be recommending TL Dallas to our colleagues within the care sector, and we look forward to a long and enduring working relationship as we move our business forward.
Phoenix Day Care CICAdult day care provider
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