In the UK, more than 80% of all daily business-to-business transactions are on credit terms and trade credit is twice the level of bank funding.
This knife edge economy means even famous high street names have been tipped into receivership and bankruptcy.
Which is why Sagar Insurances has launched a new service to provide its clients with Credit Insurance backed by a global expert in the field.
Tough times have given credit insurance a mixed bag of headlines, but as businesses look to develop and grow, getting the right policy in place could provide confidence for new ventures, including overseas trade.
For some firms, credit insurance has been a life-line in managing bad debts and delayed payments. The troubled economy has resulted in firms constantly in fear of unexpected charges and late payments, but credit insurance is a vital safety net.
But the huge upturn in defaulting payers has also led to some credit insurance providers putting stringent limits in place, which can trip unsuspecting companies.
Sagar Insurances has stepped in to the market with a new service to help Lancashire’s business ventures find the right credit insurance to mitigate their own particular financial risks.
As the firm is an independent, local broker, working hard to building empathetic relationships with clients, Sagars can match the complexities of clients’ business needs to good rates and flexible cover.
Sagar Insurances Director John Meadows explained: “Credit Insurance can grease sticking points in financial management. For some firms, having that in place can make a big difference in their confidence to forge into new markets, particularly overseas.”
Sagar Insurances has joined forces with Euler Hermes, the world’s leading provider of credit insurance services; a company backed by Allianz, one of the leading financial services providers worldwide. Euler Hermes prides itself on helping customers around the world to trade wisely and develop their businesses safely.
John Meadows concluded: “Teaming up with Euler Hermes means we have the financial solidity, risk analysis capacity and integrated global structure that local firms need to find credit insurance to cover domestic and international trade.”
For details of the new Credit Insurance service from Sagar Insurances, contact John Hardman.