Protect your business from the effects of bad debt or late payments
Trade credit insurance helps protect you against customers failing to pay for goods or services provided on a credit basis (where the buyer pays at an agreed future date), usually due to insolvency or lack of funds.
We recommend it for any business dealing on credit terms - whether you are supplying goods, providing services, or operating in a contracting environment with unfamiliar customers or export markets.
What is trade credit insurance and how does it benefit you?
Benefits of trade credit insurance
- Supports growth by safeguarding cash flow
- Enables you to trade with confidence
- Helps unlock access to financing
- Optimises your business's working capital
- Protects one of the most important assets on your balance sheet
- Your business gets paid if your customers/buyers becomes insolvent while owing you money.
How we can help
We’ve teamed up with some leading providers to deliver a range of flexible cover options digitally, or over the phone, including:
- CoverCredit - if you're looking for traditional trade credit insurance.
- Nimbla - If you want to cover single invoices.
- Bespoke trade credit insurance - If your business turns over more than £10 million annually.
Option 1: CoverCredit
If you grant credit to your business customers, and your business has an annual turnover of up to £10 million, CoverCredit is the solution developed especially for you.
Benefits and features of CoverCredit
- £10,000 discretionary credit limit as standard
- 30 days ‘contractual’ grace/notice period on credit limit reductions, and cancellations as standard
- Collections and legal services at no additional charge
- Covers any business dealing on credit terms
- Covers holders in cases of insolvency and protracted default (where a customer simply can’t pay or won’t pay)
- Easily managed credit limits and claims via an online portal
- Fixed annual premium
- Flexible payments – monthly or quarterly instalments
- Political risk cover included on all export markets
- Reduced claims administration and waiting times
- Three months of binding orders cover as standard
- Underwritten by Coface, a leading insurer in credit insurance
- Various endorsements can also be added as required, including work in progress, advertising, and/or contracting
Any personal data you share with Coface via its website will be shared with Marsh Commercial. Marsh Commercial may use this personal data to contact you in respect of the trade credit risk management solutions offered by CoverCredit. Marsh Commercial may share your personal data with its affiliates, regulators, professional advisors and outsourcers. Your personal data may be transferred outside of the EEA. For further information on how Marsh Commercial uses personal data, please read our Privacy Notice .As with all insurance policies, terms and conditions apply. Please refer to the policy documentation for exclusions, warranties, subjectivities, excesses and any endorsements.
Not sure if CoverCredit is right for you?
That's okay, speak to one of our friendly trade credit insurance experts who will be happy to answer any questions you have. Simply call us on this number or get in touch and we'll call you.
Option 2: Nimbla
If you’re looking for a fast, affordable and hassle-free way to insure your invoices against the risk of insolvent customers, then Nimbla is for you.
Benefits and features of Nimbla
- 12 months protection once an invoice is insured
- Add invoices manually or connect your accounting software
- Covers every UK-registered business (including sole traders) whether you sell products or services
- Covers insolvency only
- Covers invoices in the UK and IE - more EU countries will be added soon
- Delivered by Nimbla, an easy-to-use online platform
- Freedom to choose what and when to insure
- Helps to expand your business by offering credit terms to new buyers
- Insure for single invoices up to £500,000
- Pay online using your debit or credit card
- Peace of mind knowing that if one of your buyers becomes insolvent while owing you money, you still get paid
- Protects your bottom line by insuring transactions with existing customers
- Valid claims paid within 30 days
- An easy-to-use online platform allowing you to insure your first invoice within minutes.
As with all insurance policies, terms and conditions apply. Please refer to the policy documentation for exclusions, warranties, subjectivities, excesses and any endorsements.
Not sure if single invoice insurance from Nimbla right for you?
Not a problem, simply speak to one of our friendly trade credit insurance experts who'll be happy to answer any questions you have. Call us on this number or get in touch and we'll call you.
Option 3: Bespoke trade credit insurance
While CoverCredit is designed for businesses with an annual turnover of up to £10 million. Businesses who turn over more than £10 million annually often require a more bespoke solution which requires a hands on approach.
If your business has an annual turnover of more than £10 million, we recommend to speak to a member of the trade credit insurance team. Simply call us on 0207 178 4367 or get in touch and we’ll call you.
Frequently asked questions
Today, UK businesses invest in trade credit insurance for many reasons – from protection against credit risk to enhanced access to funding.
Trade credit insurance is typically needed by businesses to help them protect against the risk of non-payment of invoices by customers, suppliers and buyers. Often due to insolvency or lack of funds.
Given that late payments affects more than half of SMEs,1 is the reason for a quarter of all business failures,2 and is something that nearly one in four of SME owners and managers say have got worse in the past year.3 Trade credit insurance is seen as an attractive form of protection - but the truth is that trade credit insurance offers a great deal more.
Over the last few years, trade credit insurance has evolved significantly, in response to economic change and the needs of businesses. These days it is more sophisticated – offering opportunity as well as protection.
Trade credit insurance can also be used optimise working capital without incurring significant operational overheads in areas like credit risk assessment and credit control. And can also help businesses gain access to any finance they may need to invest in growth.
By using trade credit insurance to defend accounts receivables and manage credit risk, business can position themselves as lower risk investments for lenders. Considering a third of SMEs say access to finance is vital to their survival, but 41% say that business finance is less accessible and a fifth of SME loan applications currently fail,4 this could be the single most important reason to look closely at trade credit insurance.
- businessleader.co.uk/half-of-uks-smaller-businesses-are-owed-17-5bn-in-late-payments/
- allianz-trade.com/late-payments-how-to-collect-and-avoid-them.html
- youtalk-insurance.com/the_premium_credit_insurance_index_2022_220513.pdf
- techblast.co.uk/news/a-third-of-smes-set-to-fold-without-further-funding-this-year
Coface is a global leader in credit insurance, information services and debt collection with over 4000 employees operating in 100 countries worldwide. Coface is authorised in France by the Autorité de Contrôle Prudentiel and subject to limited regulation by the Financial Conduct Authority.
We’ve teamed up with Coface to deliver CoverCredit, a trade credit insurance solution designed for businesses with an annual turnover of up to £10 million. If you grant credit to your business customers, CoverCredit is the solution developed especially for businesses like yours.
This insurance is arranged by Marsh. Marsh itself is not an insurer of any risk. Your insurance will be underwritten by Coface.
Nimbla is an easy-to-use online platform, allowing you to insure your first invoice within minutes. Nimbla makes credit insurance more accessible and levels the playing field for smaller businesses.
Invoice insurance from Nimbla provides businesses like yours with peace of mind, knowing that if one of your buyers becomes insolvent while owing you money, you still get paid.
Marsh and their family of companies have partnered with Nimbla to provide your business with credit insurance on a per-invoice basis, making it more affordable and easier than traditional credit insurance.
Nimbla's excellent customer support team can be reached by live chat, phone and email, answering all the questions you might have. You're in good hands with Nimbla’s expertise, support and technology at your disposal.
While our CoverCredit solution is designed for businesses with an annual turnover of up to £10 million. Business who turn over more than £10 million annually often require a more bespoke solution.
If your business has an annual turnover of more than £10 million, we recommend to speak to a member of the trade credit insurance team. Simply call us on 0207 178 4367 or get in touch and we’ll call you.
Not sure what to do next?
Not a problem, many businesses feel the same. To speak to one our friendly trade credit insurance experts, simply call us on this number or get in touch and we’ll call you.
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