Here at QuoteGrab, our only ambition is guaranteeing your business’s success. Finding the solutions to your business needs - and finding them fast - is what we do. And that means if you’re on the hunt for Credit Risk Insurance, we can find you an insurer. All we require of you is a filled out form. Quick-as-a-flash, there’s your business fix!
Takes 2 minutes
Finding a solution that perfectly aligns with your business? Sounds good to me. But what if I told you we could do that, and do it fast?
Time is money - so why not save both? We don’t just do the maths; we ensure that saving you money always comes into the equation.
Get a Great Agency
Let’s add it all up: we can find you an insurer that’s low-cost, and find you them fast? Nearly - we can find you a great insurer at top speed with low pricing.
The QuoteGrab team has a few promises to stick to - this includes keeping costs low and quality high, whilst also preventing you from breaking open the piggy bank. And it’s financial protection like Credit Risk Insurance that can ensure your finances stay intact whatever circumstances your customers are experiencing. But how can you find an insurer that can provide this? Well, this is where we come in.
Finding fixes to your problems and solutions to your needs is our job. It’s what we love, and it’s what we do! So, once you’ve filled out our super fast form (120 seconds max), we’re turning the cogs to find you the answer to your Credit Risk Insurance needs: we are weighing up the options, we’re doing the math, and we’re connecting the dots. Hey presto - there’s your quote! No more shopping around for solutions, and definitely no more scratching your head about Credit Risk Insurance.
That’s right, we’ve compiled the must-know-info so you can be fully informed when you follow through with our quote! So, that’s Credit Risk Insurance sorted.
Quick question: how do you keep a business running? You’ve got to make money. And keeping control of that money is even more important! This is why Credit Risk Insurance matters: it protects your business from the non-payment of loans by your customers, ensuring healthy, consistent cash-flow. And you don’t need to be Bill Gates to know that that will benefit your business.
Sure, price might not be the only factor when it comes to making a business decision, but it matters when you make your move.
Benefits of Comparing Prices
Find lower-cost, higher-quality Credit Risk Insurance
Discover a wide range of insurers to choose from
Talk to insurers with 10+ years of experience
Get a package to suit your business’ current and future needs
Credit Risk Insurance is a necessary addition for any business that puts loans at the centers of its day-to-day running, such as banks, trading companies, manufacturers, and other creditors. You can’t control the customers your work with, nor can you confirm that they will be able to pay back their loans. Time for another question: how can you find an insurer that can provide Credit Risk Insurance?
Here’s another easy answer: just fill out a form, and grab a quote!
Keeping things low-costs and high-quality is just how we do things, here at QuoteGrab. That’s why we deemed it fit to pass down our top tips. We are the experts at saving money, after all!
Compare Your Way To Low Costs
There’s only one way to find an insurance policy that’ll pocket the pennies - and that’s by looking! That means it's time to get comparing the options until you find a cheap premium. Compare the insurers based on their experience, their suitability to your business, and their price. Or, you could let us do that, instead!
Make Less Money
Credit Risk Insurance premiums are based on two things: your business’ turnover, and how creditworthy your clients are. So, it follows that one way to reduce your Credit Risk Insurance, is, well, to make less money! Wait - you don’t think this is an effective solution to save money? Why not grab a quote, then, and let us find the cheapest option for you?
Don’t Pick A Risk
Let’s say you live in an area with a high risk of earthquakes, or maybe your street has a chance of flooding; that’s going to make your home insurance price-tag expensive, right? Same follows for choosing risky clients that might not pay up. Make sure you only loan to those that you’ll be sure will pay you to lower that premium.
Quality Credit Procedures; Low-Cost Premiums
As mentioned previously, the creditworthiness of your clients is a deciding factor in the price of your premium. So, it stands that ensuring the necessary credit processes are in place is an effective way to protect your business and lower the price-tag of Credit Risk Insurance. This includes using debt collection agencies and having a series of stages in place for invoices.
Credit Risk Insurance protects businesses - like banks, manufacturers, trading companies, and other types of credits - from the non-payment of commercial debt. It means that all your invoices are paid, allowing your business to worry less about not getting paid back the loans, and worry more about running your business. Sound like a good trade to me! This means that if a customer defaults, becomes insolvent, or goes into bankruptcy, you will still get paid. This is not available to individuals, and is only for businesses.
Not only does it protect your business from unpaid loans and provide peace of mind with its day-to-day running, but it also provides greater access to money and improved banking relationships. This equates to smoother and swifter business growth. Plus, by increasing your exposure to a larger volume of customers and allowing your business to offer open credit, you can maintain an edge over your competitors. It provides the newfound confidence that can truly boost your business.
Even if it's a price you're willing to pay, there are always little ways to keep costs down. Here are some Quotegrab suggestions for cutting down on your accountant-related costs:
Improve Your Internal Credit Procedures
As with any type of insurance, the higher the risk, the higher the cost. So, if you want to reduce your Credit Risk Insurance premium, reducing the risk surrounding your business is key. One of the factors that influence your premium is your internal procedures that decide on the customers your lend to; the more restrictive the procedures, the less risky the customers. This will lower the cost of your Credit Risk Insurance.
Low-risk Industry; Low-cost Premium
Another factor that can either pile on the pennies or cut the costs of your Credit Risk Insurance is the industry you operate within. If you operate within a high-risk industry that has a high rate of defaulting businesses such as the construction industry, this will drive up your premium. Why not cut the costs by altering the industry you operate in or serve?
Determine Your Debt
Your business’s history of bad debts is a key factor that determines your premium. So, preventing these debts from incurring or opting for Credit Risk Insurance further down the line might increase your trustworthiness and reduce the cost of your Credit Risk Insurance. Refining your risk is key to pocketing pennies on your premium.
Compare The Costs
Fancy finding a low-cost solution to your Credit Risk Insurance needs? Easy. You just need to start comparing the different premiums, the different providers, the different terms on offer… Wow, that’s a lot! And it’s the only way to find a cheaper premium for your business. So, you could spend a day or two searching for a solution. Or you could get back to work, and leave that to us. Just grab a quote!
Be Less Successful
Another method of lowering the cost of your Credit Risk Insurance might suit your budget, but it probably won’t suit your business: make less money. No - that’s not a typo! Your business’ annual turnover is a key component when it comes to calculating your premium. So, reduce your premium but reducing your success rate!
Opt For The Alternative
If our former money-saving tip isn’t an option, maybe this one will be: if you can’t afford or don’t need the full coverage of Credit Risk Insurance, why not go for its low-cost alternative? Risk management is when companies audit your business’ credit management and monitor debtors for a fee. Whilst this won’t match the service on offer with Credit Risk Insurance, it’ll reduce the risk that comes hand-in-hand with lending.
We get emailed, tweeted and asked the same questions about Credit Risk Insurance everyday. So, to combat those queries, we’ve decided to answer the most common ones here.
+ How Are Premiums Calculated?
Your premium takes into account both your business and the way your trade: it considers a very small percentage of your sales, and often falls below 1%. On top of this, factors also include the losses you have dealt with in the past, the customers you loan to and the sector you operate in. Political risk is also taken into account, for example, if non-payment is linked directly to the country’s political events in question such as war or the cancellation of a contract by government forces. All of these factors are used to determine the affordable price that will suit your business.
+ What Is Credit Risk?
Credit risk is the possibility of a loss as a result of a borrower’s failure to repay a loan or meet contractual obligations. This, in turn, will interrupt cash flow and increase costs for debt collection. Credit risk is assessed through the ‘five Cs’ of the borrower: credit history, the capacity to repay, capital, the loan’s conditions, and collateral. The higher the credit risk, the higher the interest rates expected when the loan is repaid.
+ Is It Worth The Investment?
It’s one of the first rules of business: money matters. So, if you are losing it to unpaid loans and accumulating debts of your own as a result of that, this is clearly a problem for your business. Not only will your cash flow be impacted, you will also have less capacity for investment. This can then result in higher interest being charged on your business and an uncertain future up ahead. Protecting your business is a small price to pay to prevent the huge losses that could rock its foundation. So, yes: it is worth the investment!
+ What Kind Of Businesses Need Credit Risk Insurance?
If your business offers credit, and typically has a turnover of over ||$||1285150||$||, it is suitable for Credit Risk Insurance; but this will depend on the company offering the insurance. The credit you can offer can range from offering credit cards, mortgages, credit to customers or other types of loans. Often insurers offer a variety of types of insurance for a variety of types of business, so why not skip this search and grab a quote. We can find the Credit Risk Insurance solution for your business!