“Credit insurance is a handy thing to have, but it’s not urgent. I’ll only need to claim once in a blue moon.” As one of the world’s leading providers, we know this is how credit insurance is seen by many business owners (obviously this only applies to companies that don’t have a policy yet.)
But they couldn’t be more wrong. Here’s why credit insurance can be much more than just an occasional convenience. Six ways the simple possession of a Coface policy can transform your business – and give it a whole new start.
- Know who to approach, and who to avoid
You can run a credit check on every potential customer before making any sort of commitment. The Coface database of 80 million customers worldwide is at your fingertips as a policy holder. Up-to-the-minute financial information on practically every company on the planet – yours whenever it’s needed.
- Sell more efficiently
Credit insurance secures your cash flow. And feeling more confident about your finances enables you to clinch more sales by offering customers better, more competitive terms.
- Buy more efficiently
When suppliers know you’re insured, they know you’re much less likely to default on payment. That means they’re likely to offer you better credit terms – so you can buy cheaper and spread the cost over a longer period.
- Chase new business, not old debts
Get the expert Coface team to pursue and collect your unpaid and overdue debts. You’ll be freeing up a lot of time and talent for more constructive, business-winning activities.
- Secure finance and investment
Lenders, investors and potential partners will all see much more potential in your business when they know you have the right credit insurance in place.
- Make better-informed decisions
“Knowledge is power” is only a cliché because it’s so true. The more you know about the markets and sectors you are trading in and the companies you are dealing with, the more effectively you can operate. As a Coface credit insurance policyholder you have ready access to a vast resource of business intelligence.
- Credit ratings and financial background on 80 million companies through the world
- The latest economic and business trends
- Expert reports on how political and social movements may affect your business.
All this data and insight is yours for the asking.
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As the lockdown restrictions ease, the Government has given more businesses the green light to start operating again, provided they can observe the necessary social distancing and infection control measures.
Many may have seen the welcomed announcement by the Government on their intended support to the UK Credit Insurance Industry. We are actively participating with the ABI and government representatives but it is difficult to