Cover that provides security for your business by protecting you against your customer insolvency or non-payment of invoices.
You may run a very successful business, however, have you thought about what would happen to your business if one of your customers became insolvent?
At Lloyds TSB Commercial Finance we have a dedicated team who will work with you and provide you with a low cost, easy to manage service which could protect you from potentially damaging losses, if a major customer suddenly fails.
Features and Benefits
- Protects you up to 90% of bad debts suffered.
- Protection for your accounts receivable ledger.
- Protects against the insolvency or protracted default of your insured customers.
- Enhances your business controls.
- Our credit monitoring service may help you identify a potential credit risk with one of your customers before it becomes a bad debt.
- Allows bad debt provisions to be reduced.
- Protects your risk against work in progress/timesheets.
- Releases capital for business expansion.
- Offers protection on domestic and export debts.
- If within 30 days we cannot cover at least 55% of your ledger by value you may cancel with a full refund of any premium paid.
Some reasons why businesses use Debtor Insurance
- To reduce the credit risk of trading on unsecured terms of payment.
- Even large, apparently safe businesses fail.
- Cashflow is a main driver in crippling many small firms each year.
The provision of credit or leasing services by us is subject to your meeting our Credit approval. Please ensure that you only apply for credit or leasing services that you can comfortably afford.
This insurance is provided by Lloyds TSB Commercial Finance Limited and underwritten by Chartis Insurance UK Limited, The Chartis Building, 58 Fenchurch Street, London, EC3M 4AB.
Lloyds TSB Commercial Finance Limited is an appointed representative of Chartis Insurance UK Limited, which is authorised and regulated by the Financial Services Authority (FSA register number is 202628). You can check this on the FSA’s register by visiting the FSA’s website ww.fsa.gov.uk/register or by contacting the FSA on 0845 606 1234.”