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Avoid the risk of unpaid debts with trade credit insurance

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 * SME trade credit insurance: protection against bad debt for small businesses
   
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CREDIT INSURANCE QUESTIONS

20 / 06 / 2024

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The more you know about Coface Credit Insurance, the more sense it makes. So
here are quick answers to some of the questions we are asked most frequently.
Need more detailed information? Got a different question? Ask us anything, and
feel free to contact us at any time.


WHAT IS CREDIT INSURANCE?

Credit insurance is a type of business insurance that covers losses arising from
non-payment for goods or services.

It means that should the worst happen—a customer’s insolvency or protracted
default—the policyholder can protect their bottom line and maintain their cash
flow. See our 15-page guide to credit insurance, discover how it works, what to
consider when obtaining a policy for your business, and lots more.


WHAT DETERMINES THE COST?

The price of credit insurance is set according to your turnover and your
business profile, including your industry sector, number of customers, and
previous loss history.


CAN YOU COVER ALL MY DOMESTIC AND INTERNATIONAL CUSTOMERS?

All of your domestic and export customers can be covered unless there are any
exceptions, such as the customer being associated with your company, a
government-owned company, or if there is a strong risk of bad debt.


CAN I JUST INSURE MY FOREIGN RECEIVABLES?

Policies can only cover your overseas accounts. Not only will they be covered
for payment default or bankruptcy, but you can also add cover for political risk
as well.


WHY SHOULD I PAY TO COVER MY ENTIRE TURNOVER, I ONLY NEED A FEW CUSTOMERS
PROTECTED?

You can cover as many or as few customers as you like. Contact us or let us call
you back, and we’ll help you find the most suitable, low-cost, high-value
option.


WHAT IF YOU WON’T COVER ONE OF MY CUSTOMERS?

If we’re unable to grant cover, that means that the information we hold
indicates a strong risk of a bad debt and that we don’t recommend using open
credit terms. However, if you do decide to trade and experience slow payment or
a bad debt, you can submit the case to us, and we can collect your debt.


CAN I SEEK YOUR ADVICE ON NEWLY PROSPECTED MARKETS?

We provide free analyses on country risk and the business environment for 160
countries. Drawn up on the basis of macro-economic, financial, and political
data. Regularly updated, they provide an estimate of the average credit risk to
a country’s businesses. This is an invaluable tool, giving an indication of a
country’s potential influence on businesses’ financial commitments.

We also assess 13 major sectors worldwide. These assessments are based on our 75
years of expertise and on the financial data published by listed companies from
six geographical sectors. Five financial indicators are taken into account:
turnover, profitability, the net debt ratio, cash flow, and claims observed by
our risk managers.


IS AN INVOICE COVERED IF THERE’S A DISPUTE ABOUT IT WITH A CUSTOMER?

With Coface Credit Insurance, your bad debt disputes are covered (according to
policy terms and conditions).


HOW DO I MAKE A CLAIM?

Claiming is straightforward, and our dedicated client services team can guide
you through the process. Once claims have been assessed and validated, they are
paid within 30 days. There’s also an early claim payment option.


IS THERE A COST FOR ARRANGING AN INDEMNITY PAYMENT TO MY BANK?

There is no cost to arranging this. We simply add the information to your
contract.


SHOULD I TELL MY CUSTOMERS THAT I HAVE CREDIT INSURANCE, OR WILL YOU TELL THEM?

You may decide to tell customers as a sign that overdue invoices will be
actively chased and as evidence of your viable business management. However,
unless we have your permission, if we ever need to contact a company that
happens to be one of your clients, we will not notify them that you have
insurance.


HOW CAN I PAY FOR THE INSURANCE?

You can pay by direct debit on a monthly or quarterly basis, or simply pay the
whole premium upfront.


HOW DOES CREDIT INSURANCE COMPARE TO OTHER SERVICES?

Find out how credit insurance compares to other credit management strategies.


DO YOU PROVIDE SPECIFIC COVER FOR SELF-BILLING ACTIVITIES?

Businesses engaged in self-billing activities are exposed to specific risks,
including the non-payment of invoices where the buyer themselves prepares VAT
invoices on behalf of the VAT-registered supplier. You can request this type of
cover at no extra cost.


DO YOU PROVIDE SPECIFIC COVER FOR THE ADVERTISING INDUSTRY?

Businesses working in the advertising industry are exposed to specific risks,
including the non-payment of invoices for the performance of services and
non-cancellable forward bookings for media or advertising space. You can request
cover for these risks at no additional cost.


HOW COME I’VE NEVER HEARD OF CREDIT INSURANCE?

Credit insurance has actually been sold in Europe and the United States for many
decades.


IS TRADE CREDIT INSURANCE ONLY SUITABLE FOR SMALL BUSINESSES?

Many multinational and large UK-based companies use Trade Credit policies to
help mitigate risk as part of corporate governance to protect their owners or
shareholders.


MY CUSTOMERS ARE RELIABLE; WHY SHOULD I INSURE THEM?

Although your customers might be reliable and you may have long-standing
relationships with them, unfortunately, you do not know everything that is
happening. They may have issues with their own customers or suppliers, which
could heavily impact you.

By the time you find out, it is usually too late. Take advantage of credit
insurance that covers any failure, however large or unexpected.


DO YOU MONITOR MY CUSTOMERS?

We use our information services to constantly monitor your buyers. We will
advise you when the financial situation deteriorates or perhaps if there are any
judgements or other claims against the buyer. We work alongside you to develop
your buyer limits.


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