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The Trade Credit Insurance guarantee should mean many small businesses, particularly those in the construction and manufacturing sectors can continue to access affordable insurance to support trading with other businesses and provide confidence within the supply chain.
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Responding to the launch of guarantees of up to £10 billion to Trade Credit Insurance Schemes[i] for business to business transactions, Todd Davison, MD of Purbeck Insurance Services, the provider of Personal Guarantee Insurance said:
“Trade Credit Insurance is one of the tools many businesses rely on to sustain cash flow. Like Personal Guarantee Insurance it provides huge peace of mind to the owners and directors and small businesses responsible for keeping their businesses afloat and their people employed.
“The Trade Credit Insurance guarantee should mean many small businesses, particularly those in the construction and manufacturing sectors can continue to access affordable insurance to support trading with other businesses and provide confidence within the supply chain. It will be critical for policymakers to work closely with insurers, funders and businesses for the scheme to work effectively and to promote liquidity within these markets.”
“It remains crucial however that to help mitigate the risks of non-payment, small businesses keep talking to suppliers and customers who are likely to be in the same position. Constructive, transparent dialogue within the supply chain can help manage expectations and identify a collective way forward.”
