Suffering a bad debt can cause a business to fail, so credit insurance is well worth considering if you sell a product or service to businesses on credit terms. For instance, if your profit margin is 5% and you suffer a £25,000 bad debt, you will need to increase sales by £500,000 just to recoup the lost profit from that bad debt.
Towergate’s insurance facilities include a specialist credit insurance team, as such we are ideally placed to offer advice and solutions for this area of insurance.
We appreciate that credit is vital to trade for any size of business but increasingly difficult to secure in tough economic conditions. Our team will be able to guide you through the process and assist with many aspects of credit management and risk analysis.
For more information about trade credit insurance, contact your usual Towergate Insurance Broker advisor or email TIB@towergate.co.uk
Coronavirus (Covid-19) – Update for Towergate customers
During the COVID-19 Coronavirus crisis, we want to reassure our customers and partners that we are following UK Government guidance,
and as a result our national offices are closed to both safeguard the health of our employees and our ability to look after our valued clients.
Where possible, our employees are working from home and we are still fully able to support with renewals, new cover requirements and
claims guidance and support. This includes giving our colleagues the ability to work from home or alternative locations,
which we hope will limit the disruption and enable you to speak to us for advice and support should you need it.