Credit insurance has never been more relevant for businesses than in the current economic climate. Insolvencies worldwide are rising, and pressure on margins due to rising costs make companies more vulnerable to bad debt. This is particularly true for small and medium sized enterprises whose resources are traditionally slimmer.
In response to current conditions, Towergate has launched a new Credit Insurance scheme which provides credit protection for businesses which trade on credit terms.
The facility covers losses arising from non payment by customers and incorporates a debt collection and credit rating service.
According to Towergate's research, 18% of UK businesses fail because of bad debt.
At a time when many Credit Insurance policies are being withdrawn from the market, Towergate are playing their part in support businesses of all sizes.
In these unprecedented times, Towergate believes it is important to provide protection to companies against bad debt, not because of any failure of their own, but due to tougher credit conditions.
If you have any enquiries or would like further information on credit insurance for your business then please speak to your usual contact at Towergate tlc or alternatively, a member of our Credit Insurance team – Nick Matthews, Tony Armstrong or Rob Browne (01926 439439).
