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3 Reasons Trade Credit Insurance Is Critical For Small Businesses

Whether you run an importing and exporting company, or even a domestic small business in Australia, trade credit insurance can be a powerful way to protect your small business, and streamline your credit management processes.

Essentially, trade credit insurance is used to protect you when you sell goods and services on credit, and avoid bad debt, or non-payment due to protracted default. You can insure your unpaid invoices, and if your customer fails to pay on time, you can be compensated for the value of this invoice by an insurance broker.

  1. Protect Your Business And Your Profits

Firstly, getting a trade credit insurance policy allows you to protect your small business from customers who do not pay for your goods or services. This is particularly important for businesses who operate overseas in developing countries, or if you typically sell your goods and services only to a small handful of clients.

Even if your credit terms, such as net 30 days, are not met, you can be compensated if your client fails to pay, which ensures your company is not put out of business by a customer failing to pay.

  1. Ensure Uninterrupted Cash Flow

If you’re extending credit limits to your customers and they are not paying on time, this can cause serious cash flow issues, which can harm your ability to grow your business. You may not have the funds you need to expand until your customer pays – and if they fail to do so, your plans could be derailed entirely. A trade credit insurance policy can help you avoid this situation.

  1. Provide More Services On Credit, And Expand To Developing Nations

Because your invoices are insured, you can provide more services and goods on longer credit terms, depending on the credit worthiness of your partners. This allows you to bring in more customers. Even if a customer has difficulties paying on time, you can rest assured that you’ll be compensated, giving you valuable peace of mind.

And, when combined with political risk insurance, trade credit insurance makes it much less risky to work in a developing nation, where instability and currency issues could otherwise pose a high risk to your continued profitability. This allows you to take advantage of more business opportunities, and expand your company.

Got Questions? Ask Niche Trade Credit!

If you aren’t sure if a trade credit insurance policy is right for you, and you’d like more information about what the policy covers, and how it can benefit your small business in Australia, we’re here to help.

You can contact Niche Trade Credit now online, and get more information about our trade credit insurance services and political risk insurance products. We’re always happy to hear from a potential customer, and discuss our products and services in further detail, so get in touch now!

*DISCLAIMER: No person should rely on the contents of this publication without first obtaining advice from a qualified professional person. This publications sold on the terms and understanding that (1) the authors, consultants and editors are not responsible for the results of any actions taken on the basis of information in this publication, nor for any error in or omission from this publication; and (2) the publisher is not engaged in rendering legal, accounting, professional or other advice or services. The publisher, and the authors, consultants and editors, expressly disclaim all and any liability and responsibility to any person, whether a purchaser or reader of this publication or not, in respect of anything, and of the consequences of anything, done or omitted to be done by any such person in reliance, whether wholly or partially, upon the whole or any part of the contents of this publication. Without limiting the generality of the above, no author, consultant or editor shall have any responsibility for any act or omission of any other author, consultant or editor.

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What Experts Think

Understanding Common Types Of Export Insurance, And What They Cover

If you’re new to the world of importing and exporting, or you’d simply like a refresher course on the different types of insurance coverage available to your company, you’re in the right place.  When it comes to insurance, exporters have many options.

There are a lot of different insurance products out there for companies engaging in international trade, and it’s important to know which ones you need for your business, and which insurance company has the right services for you.

Marine Insurance

Marine insurance is carried by every major seagoing transportation provider who engages in international trade, purchased through an insurance broker. In almost every case, it is not purchased by an importer or exporter – but purchased by the transportation company, to protect their vessel and all of the cargo, personnel, and other assets that are located on the vessel.

In the event that a vessel sinks, or another disaster strikes which causes delays, the destruction of cargo, or another covered loss or damage event occurs, the marine insurance policyholder files a claim with their insurance provider.

Then, once the claim is processed, the insurance covers your loss, up to a specified amount. Usually, compensation will be for about three-quarters of the value of your merchandise or lost cargo.

Cargo Insurance

Marine insurance alone may not cover the entire value of your shipment. It’s often paid out on a per-pound basis, so you may need additional coverage to protect your cargo or freight.

In addition, marine insurance will not cover damage to your cargo due to improper loading by a transit company, or for incidents that occur outside of a marine-based environment.

This is where cargo insurance comes in. Cargo insurance is used to protect your shipment of products throughout the entire journey to a customer. For example, if a crane breaks and drops a shipment of expensive electronics, or the shipment was improperly secured by the company responsible for transporting it, your cargo insurance will cover your loss.

One of the main benefits of purchasing a separate cargo insurance policy is that it does not require proof of fault. That is, you do not need to prove that a transportation carrier or another party was at fault for the damage – only that the damage or loss actually occurred.

Because marine insurance won’t cover the whole cost of your cargo, it’s typically recommended that exporters cover every one of their shipments with cargo insurance. It’s the best way to safeguard against loss and damage of your products – no matter who causes the loss or damage.

Trade Credit Insurance

Trade credit insurance, sometimes also called export credit insurance or export trade insurance, is a very useful type of import-export insurance. It can help protect your short-term cash flow, by ensuring that you are still compensated if one or more of your customers fail to pay their invoices on time.

The way it works is simple. When you purchase a trade credit insurance policy, you can choose to insure certain transactions or customers, or pay a flat, percentage-based rate to insure all of your accounts receivable.

Then, your business continues normally. You sell your products and services, and your customers pay you based on standard trade credit terms, such as Net 30, Net 60, or Net 90 days from delivery.

But, if a customer fails to pay on time and enters protracted default, goes bankrupt, or otherwise does not pay, despite the terms of the contract being honored, your trade credit insurance policy will pay you a percentage of the invoice value as compensation.

This helps you mitigate short-term payment risks, and extend lines of credit to new customers without the fear that they will be unable to pay. Whether you’re exporting to the United States, or a new, developing market, trade credit insurance can protect you from financial losses due to non-payment by your customers and clients, both foreign and domestic.

Political Risk Insurance

Political risk insurance is very useful for any company selling their product or services overseas in emerging markets and developing countries. As the name implies, it protects your company from risk due to political violence, upheaval, the seizure of private property by the state, and due to any number of other events.

Often, political risk insurance is purchased as part of a trade credit insurance policy, particularly if an exporter is working with a new customer in a developing country. Trade credit insurance helps protect you from loss and default if a private company or customer does not pay – while political risk insurance helps protect you from government actions, civil unrest, and other risks that may be present in a still-developing country.

Political risk insurance is a must-have for any exporter or company with significant assets in another country, where political unrest could threaten their continued success, and result in significant financial losses.

Know What Your Options Are As An Exporter – And How To Protect Yourself!

Beyond these four types of policies, there are many other ways you can safeguard yourself and protect your profits – from product liability insurance to letters of credit, bank guarantees and more.

So, how are you supposed to make sense of it all? Contact the experts at Niche Trade Credit. We’d be happy to discuss all of your options for export insurance policies, and which ones may be right for you.

*DISCLAIMER: No person should rely on the contents of this publication without first obtaining advice from a qualified professional person. This publications sold on the terms and understanding that (1) the authors, consultants and editors are not responsible for the results of any actions taken on the basis of information in this publication, nor for any error in or omission from this publication; and (2) the publisher is not engaged in rendering legal, accounting, professional or other advice or services. The publisher, and the authors, consultants and editors, expressly disclaim all and any liability and responsibility to any person, whether a purchaser or reader of this publication or not, in respect of anything, and of the consequences of anything, done or omitted to be done by any such person in reliance, whether wholly or partially, upon the whole or any part of the contents of this publication. Without limiting the generality of the above, no author, consultant or editor shall have any responsibility for any act or omission of any other author, consultant or editor.

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What Experts Think

How Trade Credit Insurance Works: Breaking Down The Basics

Trade credit insurance is one of the best risk management tools to protect your accounts receivable. When you sell goods or services on credit terms, you always take the risk that your customers may not be able to pay. In these cases, debt collection can be time-consuming or nearly impossible.

So, how can you protect your bottom line when extending trade credit? With trade credit insurance. Learn more below.

What Is Trade Credit Insurance?

Essentially, a trade credit insurance policy allows you to insure a particular invoice (or multiple invoices). Then, if the invoice is not paid in time, due to a covered issue like protracted default, you can get your insurance to cover the cost of your goods and services.

With trade credit insurance, credit risk from customers who do not pay for their goods is reduced dramatically. Customers who fail to pay will not affect your bottom line, nor will unpaid invoices, as long as they’re covered by your policy, within reasonable credit limits.

This protects your cash flow and protects your business, and helps you avoid bad debts. You can trade with confidence, even with new potential customers in areas where political risks or other issues could pose a risk to their creditworthiness.

How Is A Trade Credit Insurance Policy Issued And Redeemed?

Wondering how trade credit insurance fits into your credit management processes? Here is a basic guide to how these policies work.

  • Get a trade credit insurance policy – You can choose to cover a particular invoice or customer, or to get a policy that protects all of your accounts receivable, and pays a certain percentage of each account, should the customer default.
  • You sell goods or services on credit terms – You find a customer, sell your goods, and grow your business, just like you normally would. Your customers and clients pay you, based on the terms you’ve laid out while extending trade lines of credit.
  • Unpaid invoices are covered by your insurance policy – If a customer fails to pay, due to insolvency, political issues, or protracted default, your insurer will pay you the agreed-upon, set percentage of the invoice.
  • You get the working capital you need to continue business – Because you can recoup most of the money lost by your customer defaulting on their order or shipment, you can still keep your company in business, and ensure that you have plenty of working capital to pursue new clients.

The cost of your trade credit insurance varies, based on how many invoices you’re interested in covering, the maximum credit limit for each company, the percentage of the invoice value you’d like to insure, and a number of other coverage factors.

If you’re interested in seeing how much a trade credit insurance policy will cost you, we’d recommend contacting Niche Trade Credit right away. Whether you’re a small importer/exporter, or part of a large multinational company, we can provide you with a policy that’s right for you.

Protect Your Bottom Line With Trade Credit Insurance

Trade credit insurance is an extremely valuable tool for those who work with overseas companies, or any company that may be in a volatile area, who may be unable to pay for your goods and services. By protecting your accounts receivable, you can ensure that a single financial loss will not ruin or damage your company – and you can continue to expand.

Find out more now by visiting Niche Trade Credit, and see how you can protect your business with trade credit insurance services

*DISCLAIMER: No person should rely on the contents of this publication without first obtaining advice from a qualified professional person. This publications sold on the terms and understanding that (1) the authors, consultants and editors are not responsible for the results of any actions taken on the basis of information in this publication, nor for any error in or omission from this publication; and (2) the publisher is not engaged in rendering legal, accounting, professional or other advice or services. The publisher, and the authors, consultants and editors, expressly disclaim all and any liability and responsibility to any person, whether a purchaser or reader of this publication or not, in respect of anything, and of the consequences of anything, done or omitted to be done by any such person in reliance, whether wholly or partially, upon the whole or any part of the contents of this publication. Without limiting the generality of the above, no author, consultant or editor shall have any responsibility for any act or omission of any other author, consultant or editor.

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Understanding Political Risk Insurance Coverage Definitions

When it comes to insurance, one of the most important lines an insurer can offer for any company working in a developing country is political risk insurance.

Political risk insurance can be offered by financial institutions, a private insurance company, or a public agency. And while each policy will vary, they are all intended to do the same thing – safeguard companies who are undertaking long term projects and customers in emerging markets.

Unlike in stable, developed markets, there is always a risk of business delays and losses due to political instability and upheaval in emerging markets, and that’s what’s covered by political risk insurance coverage. Learn more about the most common political, economic, and financial issues covered by this type of insurance now.

  1. Contract Breach Or Contract Frustration

If a foreign government breaches its contract for any unfounded reason, a political risk insurance policy will cover the associated costs and losses, making one of these policies very important for risk management.

Contract frustration is also covered by political risk insurance. Frustration occurs when, due to unforeseen circumstances like a political revolution, one party in a contract is unable to uphold its end of the deal.

  1. Political Violence And Upheaval

Every form of political violence is covered by a political risk insurance policy, including civil war and wars abroad, armed rebellion or insurrection, civil disobedience that causes major upheaval, and other government action or action by citizens that could damage your profits and cause your project to fail, resulting in financial loss from forced abandonment.

  1. Expropriation Or Nationalization Of Property Or Assets

This is of particular importance to infrastructure developers. If their property is confiscated or nationalized by a government, they will be compensated for the financial loss of their private property.

An example of this would be when Venezuela, under Hugo Chavez, expropriated and nationalized 11 oil rigs from a US-based drilling company, Helmerich & Payne. Thanks to a political risk insurance company, the owners of these rigs were able to recover $43 million.

  1. Foreign Currency Inconvertibility, Inability To Repatriate Funds

Even if a business transaction in a developing market is successful, there is the risk that the funds may not be able to be converted back into the proper currency, or that the government or a bank may block the repatriation of funds. In this case, political risk insurance coverage will compensate for the loss.

  1. Business Interruption

Business interruption is often covered in tandem with other protected events. For example, a company that has its business interrupted by several weeks of rioting and protests may be covered for business interruption due to political violence.

  1. Government Default On Payments

In the event that a government simply refuses to pay you for the services or goods which you have rendered to them, your political risk coverage will cover this loss.

  1. Import/Export License Suspension Or Revocation

If your license is suspended due to political reasons, or revoked, political risk coverage will typically compensate you for the losses related to this loss. Note that this may not be true if you were conducting illegal activities, or if you were found to violate import/export regulations.

Coverage Varies Based On Your Policy – So Do Your Research!

Depending on the policy you purchase, your coverage may vary quite a bit. Every insurer offers a different type of political risk insurance, and the cost will also vary, based on the assets you need to protect, and a number of other factors.

To make sure that you have the political risk insurance that you need to protect your company, you should get help choosing a policy. At Niche Trade Credit, we have more than a decade of experience working with top insurers as an insurance broker. We can help you pick out the right political risk insurance product, and get a great rate. Contact us now to learn more.

*DISCLAIMER: No person should rely on the contents of this publication without first obtaining advice from a qualified professional person. This publications sold on the terms and understanding that (1) the authors, consultants and editors are not responsible for the results of any actions taken on the basis of information in this publication, nor for any error in or omission from this publication; and (2) the publisher is not engaged in rendering legal, accounting, professional or other advice or services. The publisher, and the authors, consultants and editors, expressly disclaim all and any liability and responsibility to any person, whether a purchaser or reader of this publication or not, in respect of anything, and of the consequences of anything, done or omitted to be done by any such person in reliance, whether wholly or partially, upon the whole or any part of the contents of this publication. Without limiting the generality of the above, no author, consultant or editor shall have any responsibility for any act or omission of any other author, consultant or editor.

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Is Trade Credit Insurance Worth It?

If you work as an importer or exporter, with multiple global businesses, or even with just a handful of local Australian companies, you may be wondering if trade credit insurance is worth it for your company. In this article, we’ll explore this subject in depth, and discuss some of the issues and consequences that may arise if you’re not properly protected with an export credit insurance policy.

Understanding The Basics About Trade Credit Insurance

Essentially, a trade credit insurance policy protects your accounts receivables, in the event that one of your clients or customers has failed to pay. Rather than being forced to use debt collection services to try and recoup your money, you simply file a claim with your insurance company.

Then, they reimburse you if your client fails to pay, similar to how export credits work in OECD countries. You’ll get a certain percentage of the value of your invoice, allowing you to maintain steady cash flow and profitability.

The Consequences Of Not Having Trade Credit Insurance

The cost of trade credit insurance may seem high, particularly if you have not had issues with customers failing to pay in the past. But the credit risk of failing to get a policy is much higher. Here are just a few of the issues you may face if you don’t have trade credit insurance.

  • Loss of profit – You’ll immediately lose a huge portion of your profits, due to the failure of the other party to pay. You may have difficulty pursuing legal action, as well, particularly if you’re exporting to foreign countries.
  • You must pursue bad debt on your own – Hiring international collections agency is expensive, and you’re not guaranteed to be successful, so this can further impact your bottom line, and lead to loss of profitability.
  • Restricted cash flow – Your loss of profit leads to loss of working capital and cash flow, meaning you can’t continue to expand your company at a rapid pace, which means you could miss out on enormous potential profits.
  • Fewer potential customers, particularly in developing nations – Without trade credit insurance, exporting to a new customer is extremely risky. If they don’t pay, you may not have proper recourse to get your money. This means you won’t be able to take the risk and expand, even if there are hundreds of potentially reliable customers in these countries.
  • Potential bankruptcy  – If you can’t weather the loss of a significant profit from a single invoice or multiple invoices failing to be paid on time, your company could go bankrupt. This is more common than you may think.

These are just a few of the potential consequences of failing to insure yourself with a trade credit insurance policy.

Trade Credit Insurance Is The Best Way To Protect Yourself

There’s a reason that almost all major companies use trade credit insurance, and that global trade insurance companies like Euler Hermes continue to grow. For risk management in both foreign and domestic trade, trade credit insurance is absolutely indispensable.

With a trade credit insurance policy, you can protect yourself and your balance sheet form bad debt, become more competitive in the world of global trade, and protect yourself from political risks.

Whether a client has failed to pay due to bankruptcy, political instability, or for any other covered reason, you can turn to your trade credit insurance policy, and recoup most of the money you lost, allowing you to reduce your levels of risk, and maintain your cash flow, even if a catastrophic event occurs.

Compared to the benefits that it offers, trade credit insurance cost is quite reasonable – and because your premiums are calculated as a percentage of your balance sheet, the cost will be lower for small companies, and scale as you continue to increase your profits.

Contact Niche Trade Credit Now To Learn More About Our Policies

At Niche Trade Credit, we specialise in trade credit insurance services and political risk insurance. We can help you protect your company and your profits when working with both international and domestic clients. Contact us today to learn more.

*DISCLAIMER: No person should rely on the contents of this publication without first obtaining advice from a qualified professional person. This publications sold on the terms and understanding that (1) the authors, consultants and editors are not responsible for the results of any actions taken on the basis of information in this publication, nor for any error in or omission from this publication; and (2) the publisher is not engaged in rendering legal, accounting, professional or other advice or services. The publisher, and the authors, consultants and editors, expressly disclaim all and any liability and responsibility to any person, whether a purchaser or reader of this publication or not, in respect of anything, and of the consequences of anything, done or omitted to be done by any such person in reliance, whether wholly or partially, upon the whole or any part of the contents of this publication. Without limiting the generality of the above, no author, consultant or editor shall have any responsibility for any act or omission of any other author, consultant or editor.

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Do I need Trade Credit Insurance?

In recent surveys, cash flow problems are some of the most frequently cited reasons why businesses fail to increase their revenue. On top of that, Australian companies are some of the slowest at paying their invoices. For small, medium, and large businesses alike, risking the health of your cash flow isn’t worth it. Increasing volatility in domestic and also international trade means that it’s now more critical than ever to ensure that your business’s revenue and access to capital are appropriately insured and protected against political risks.

At Niche Trade Credit, we’ve been assisting companies of all sizes and across many different industries protect themselves with trade credit insurance. But how do you know if you need trade credit insurance coverage? We’ll explore how an insurance policy can protect you and also expand your market reach.

How does trade credit insurance work?

If you sell goods and services on credit terms with your customers, if they fail to pay, your business is in trouble. No matter how well you manage your business, you don’t have control over what happens on your customer’s end of the transaction. They can experience their own cash flow issues, and political instability and currency manipulations can interfere with your customers’ ability to pay and harm your bottom line. Insurance solutions like trade credit policies protect your business from these types of unpredictable financial mishaps.

A trade credit insurance policy works by protecting your accounts receivable. A policy can cover either part or all of the account, depending on your needs and business goals. A trade credit insurance policy will protect you against bankruptcy and unpaid invoices.

About 20% of a company’s buyers account for up to 80% of sales. Trade credit insurance protects your business from losses that could result from the insolvency of your key accounts.

Is risk management the only thing that a trade credit insurance policy can do for me?

Trade credit insurance policy can do more for your business than protect it from catastrophic losses. Trade credit insurance can act as a financial tool and a sales product.

  • Lending institutions understand that the insolvency of a company’s key customers would jeopardise the repayment of a loan. Businesses who are covered under a trade insurance policy gives them access to favourable lending terms.
  • Credit insurance can also help your company sell more goods and services on credit terms. At the same time, the policy can help you reduce your risk of exposure to nonpayment. Trade credit insurance can also help you take advantage of ideal or cyclic selling periods and expand your reach into new product lines or markets.

Should you continue to self-insure?

Self-insuring your company against unpaid invoices may have worked in the past. But in today’s competitive global economy, self-insuring your businesses is too much of a risk. And recent a cash flow statistics and studies show that self-insuring against catastrophic losses isn’t feasible anymore.

Also, credit insurance gives you better access to credit and gives your company the ability to expand your market reach. You can also deduct your trade credit insurance premiums from your taxes. Self-insuring does not give you these added benefits.

Here at Niche Trade Credit, we’ve been helping our valued clients find trade credit insurance solutions that work for their specific company and their goals. When you contact us, we will explore your options and find a policy for you that will be tailored to your particular needs. Don’t leave your company exposed to credit risks and insolvency. Reach out to Niche Trade Credit today to explore our coverage options from one of our experienced trade credit insurance brokers.

*DISCLAIMER: No person should rely on the contents of this publication without first obtaining advice from a qualified professional person. This publications sold on the terms and understanding that (1) the authors, consultants and editors are not responsible for the results of any actions taken on the basis of information in this publication, nor for any error in or omission from this publication; and (2) the publisher is not engaged in rendering legal, accounting, professional or other advice or services. The publisher, and the authors, consultants and editors, expressly disclaim all and any liability and responsibility to any person, whether a purchaser or reader of this publication or not, in respect of anything, and of the consequences of anything, done or omitted to be done by any such person in reliance, whether wholly or partially, upon the whole or any part of the contents of this publication. Without limiting the generality of the above, no author, consultant or editor shall have any responsibility for any act or omission of any other author, consultant or editor.

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What Does a Trade Credit Insurance Policy Cover?

A study published in 2016 from MarketWatch found that Australian businesses are the worst at paying their invoices on time. As an Australian business owner, you want to make sure that your company is protected from insolvency and bad debts. In today’s global economy, it’s also crucial that you protect your bottom  line from political risks. Can a trade credit insurance policy help protect your business and increase your growth? At Niche Trade Credit, we’ve been helping Australian businesses find the best credit insurance coverage for their needs. Today, we’ll explore how trade credit insurance policies work.

How does trade credit insurance protect a business?

When a business sells its goods and services on credit, it puts itself at risk of non-payment. If the buyer is unable to pay for the goods and services after they’ve already received them, the business can be seriously harmed. Cash flow, profitability, and balance sheet problems can

hit your business when buyers don’t pay. Worst case scenario? The company will fail.

So, what can companies do to protect themselves? They can purchase a trade credit insurance policy to cover their losses in the event of non-payment. Trade credit insurance helps businesses maintain a positive, predictable cash-flow so that they can remain competitive in their industry and prevent business failure.

A trade credit insurance policy gives suppliers with the accounts receivable protection they need to protect their business from a buyer default. That includes defaults because of the buyer’s financial instability, or even widespread political instability. Trade credit insurance solutions can protect part or even all of a client’s account receivables. In some cases, policies can also give business owners the ability to set buy credit limits and manage those limits via online systems.

Businesses of all sizes can use trade credit insurance to protect international and domestic trade. Trade credit insurance can also help companies secure financing and working capital from lending institutions, and enable companies to explore new markets and attract new customers with attractive credit terms.

How is the level of coverage determined?

When it comes to trade credit insurance, there is no “one-size-fits-all” policy. Your specific needs and goals will dictate the amount of coverage and the cost of the policy. The size of your credit portfolio, the level of risk associated with your customers, and where your market is located are important insurance factors that will be unique to your business and industry. A trade credit insurance policy is tailored to your particular business. It’s crucial that you reach out to a knowledgeable credit insurance company to discuss your specific needs and your business goals so you can get the best value on a trade credit insurance policy.

What are the significant benefits of a trade credit insurance policy?

Protecting your company from bankruptcy isn’t the only thing that trade credit insurance can do for you.

  • Increase your customer base since new leads will be attracted to your improved credit terms.
  • Expand your market since you’re protected from political calamity.
  • Insured cash flow means you can build stronger relationships with employees and suppliers.
  • Enhanced credit terms can help you retain the customers you already have.
  • Increase your access to favourable credit terms from banks.
  • Give your stakeholders or board increased peace of mind with trade credit insurance protection.
  • Decrease your tax liability by using your credit insurance as a tax-deductible business service.

Are you ready to reap the benefits of trade credit insurance services, and rest easy knowing your company is protected against insolvency and failure? Please contact our knowledgeable representatives at Niche Trade Credit today. Together, we’ll explore your options for a trade credit insurance policy that will protect your business and accelerate your growth.

*DISCLAIMER: No person should rely on the contents of this publication without first obtaining advice from a qualified professional person. This publications sold on the terms and understanding that (1) the authors, consultants and editors are not responsible for the results of any actions taken on the basis of information in this publication, nor for any error in or omission from this publication; and (2) the publisher is not engaged in rendering legal, accounting, professional or other advice or services. The publisher, and the authors, consultants and editors, expressly disclaim all and any liability and responsibility to any person, whether a purchaser or reader of this publication or not, in respect of anything, and of the consequences of anything, done or omitted to be done by any such person in reliance, whether wholly or partially, upon the whole or any part of the contents of this publication. Without limiting the generality of the above, no author, consultant or editor shall have any responsibility for any act or omission of any other author, consultant or editor.