Frequently Asked Questions
Understanding trade credit insurance
premium is calculated for your business and the way you trade. This helps us
make sure you receive the best match and service excellence for your business
as well as an affordable premium. If you haven’t used it before, here’s how
to work out what it might cost for one of our more popular policy types. The
premium is based on a percentage of your sales, generally below 1%. Suppose
your sales were USD 2 million
last year and you want to cover that entire turnover. Then the premium would
usually be less than USD
Remember that premiums go up or down from year to year. They are affected by the losses you have experienced in the past, the customers you deal with and the sector you work in. Covering political risk as well as trade risk costs more. We calculate the best price for your situation so that these factors and your needs are taken into account.
We’ve designed a range of trade credit offers for different types of business and transactions. Every business can benefit from good credit management.
Please get in touch with us to discuss what would be most suitable for you.
- Train your employees on the use of our systems. Use our information on limits and grades to improve credit control and defend against catastrophic bad-debt losses.
- Demonstrate the enhanced quality of your accounts receivable when negotiating with lenders to access better terms.
- Build our information into your sales planning to target the most financially sound new customers.
- When developing strategy and business plans, identify the risks in new markets and opportunity areas with our data.
- Access our debt collection capabilities and network to accelerate speed of payment. Aligning your processes with our systems will improve efficiency.
- Strengthen your cash flow by insuring invoices so that you are indemnified for non-payment.
- Design your financial management and reporting to identify performance improvements.
It takes considerable investment in data collection to keep track of customers’ financial health and to evaluate the risk of non-payment. We make that investment so you don’t have to and make analysis available to you. Insurance backed by insight allows you to trade with confidence through all phases of the cycle; today and tomorrow.
To help you with claims
Yes. We have the technology to give you excellent service and more options for how to work with us. You can request credit limits, make a new claim and monitor progress on your current claims via the internet with EOLIS, our 24/7 system.
Send us your suggestions or feedback.
Collecting debts is a step by step process and can be monitored continually. We start with telephone calls and letters which make the request clear and use our name and reputation in the market. We enter into negotiation with your customer. If none of those steps are successful, within an acceptable length of time, we can provide a legal service from judgment to enforcement action. We’ll discuss this with you before any action is taken. Collection costs can be indemnified in accordance with your policy.
Our collectors don’t just work for us, they work for you. They are ambassadors for your organisation when they focus on collecting the payments owed to you.