Dedicated Credit Insurance for Small Business
Business owners struggling to afford credit insurance could benefit from low–cost cover dedicated to small firms, following the launch of a new ‘self–policing’ insurance scheme. Towergate Risk Solutions offers insurance against non-paying customers that they claim is half the price of typical products. Annual premiums average £1,870 and excess charges around £250 under the scheme. Unlike most cover, the insurance doesn’t require businesses to provide details about their customers’ trading histories up front. Instead, businesses monitor or ‘self–police’ their customers, and cover is only withdrawn if there is direct evidence that a customer has paid later than 30 days beyond contract terms in the past six months. “We give the responsibility for the credit ratin... »