Single Invoice Credit Insurance

Overview

Studies by Barclays (2018) show that bad debt and late payment are significant issues for the average Small Business owner, with over 58% feeling that they have missed out on opportunities due to concerns about not getting paid.

 

To combat the risks posed by debtors going into administration, it is advisable to insure your invoices against non-payment (defined as the customer going bankrupt or insolvent). However, for years this has been an expensive option as you could only purchase insurance for either all your invoices (costing thousands of pounds in premiums) or none at all. To make this more accessible for FSB Members, we have partnered with Portal-based Nimbla, who are able to offer single-invoice cover from just £6.30 per invoice.

By building this platform, Nimbla has simplified trade credit insurance, which protects you against experiencing the pain of having to write off debt from your clients, with our Single Invoice Cover solution.

Who needs Single Invoice Credit Insurance?

If you have previously thought about getting credit insurance but found it prohibitively expensive, then perhaps this portal will be helpful to you.

Insuring individual invoices can provide a useful safety ned if you work with other businesses and are fulfilling a particularly large order, or entering into a new partnership as if the debtor goes bust you will still be able to claim back 90% of the total invoiced amount.

What does it cover?

Single invoice credit insurance covers the sum of the invoice against the debtor going insolvent, resulting in non-payment. It does not cover late payments which are not considered an insurable interest by the insurance industry.

The main benefits of this system are:

The Nimbla portal allows you to check the risk on your invoices and insure the ones you are worried about in minutes, and FSB members can now take advantage of this simply by signing up and requesting the link

What else might you need?

Other things to consider

All cover is subject to the underwriting criteria, terms and conditions of the insurer. Please contact our team for further details and to discuss your requirements.


Need help? Give us a call on 020 3883 7976