BUSINESS BANKING
FEATURE
sophisticated broker route to market and when we are appointed we would expect to significantly reduce the cost (up to 35%) without necessarily changing insurers. Lastly, a company can instruct a broker to act for them.
The vast majority (95%) of credit insurance policies are brokered by specialist brokers such as ourselves. With 14 companies offering credit insurance in the UK, brokers are able to find the most cost-effective policy offering the most insured coverage. This is especially important if your invoice finance facility requires an insured credit limit. A lack of insurance cover could restrict the drawdown of funds and therefore hold back a company’s ability to grow. A broker will bespoke a policy to your requirements so
that the credit insurance policy fits with how you work, so that you don’t have to change the way you work to fit in with the policy. The policy can cover pre-credit risks, work in progress, contractual work, pay when paid terms of payment, work done on site, variations and consignment stock. You may also require political risk cover if you export to certain territories. Key to any credit insurance policy is credit limit
coverage. A good credit insurance broker will know which insurer is insuring which risks and can use this knowledge to leverage cover from the holding insurer. The broker will be able to find out what information is required to support a limit and help to obtain this. In some cases, a broker may be able to obtain top-up cover from another insurer in the market. Most importantly, a broker is FCA regulated to act in
your interests. They are there to advise on policy compliance and to ensure a claim is paid in a timely fashion. In conclusion, while some banks can provide bad debt
protection and while it is possible to deal directly with a few insurers, experience shows us that you will obtain the best credit limit coverage and the cheapest price by using a specialist broker. As your broker shouldn’t charge you for this service, why wouldn’t you use an expert?
If your Bank Manager has been made redundant, replaced by a call centre or if you just want a second opinion then for guidance on all aspects of Business and Commercial Finance speak to Julian Lawrence, the Banker who in 2007 became a Broker. The Gamekeeper turned Poacher!
• Business Loans • Commercial Mortgages • HMO/Ltd Co Buy to Lets • Property Development Finance • Buy to Let Mortgages • Invoice Finance • Peer to Peer Lending/Crowd Funding • Merchant Card Services • Trade Finance
CHOICE Business Finance
t: 0115 9665464 m: 07918 705505 e:
julian@choicebusinessfinance.co.uk
PO Box 10581 • Edwalton Nottingham • NG2 9RL
Authorised and Regulated by the FCA No. FRN 732499
Keep your business’ finances under control with our professional CIMA and AAT qualified/trained staff.
At JPC Accounting Ltd, we offer a wide range of financial and management accounting as well as payroll services.
T: 07769 192960
E:
jonathancox@jpcaccountingltd.co.uk W:
www.jpcaccountingltd.co.uk
business network November 2018 55
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