Protect your business against bad debt with construction credit insurance
In a nutshell, Credit Insurance provides protection against bad debt, specifically for the sub-contractor. Should the Main Contractor who you are in contract with default on payment or become insolvent, the Insurer will reimburse the outstanding debt owed to you.
Effectively what you are doing by investing in a credit insurance policy is transferring all your credit risks to a professional construction insurer. As we specialise in the construction sector, we can also give you access to the best construction market intelligence, and the protection you need to supply and install in the construction sector.
As your dedicated broker we will find the right construction-specialist insurer to best meet your needs and business plans. We are ideally suited to helping those companies with between a £10m-£50m annual turnover.
What to expect from Status Credit Insurance Brokers
1.On your behalf, we will advise the insurer of the amount of cover you require on each of your contractors. They in turn will confirm the levels of cover they are prepared to underwrite on each of them.
2. They will also monitor your contractors on a daily basis and, should the credit risk deteriorate on any of them, you will immediately be advised.
3. The following credit risks are covered in a specialist construction credit insurance policy:
- Certified works
- Design fees
- Goods on site and goods off site
- Retentions and final account balances
- Old retentions falling due over the next twelve months
- Pay when paid
- And much more…
4. Your policy will have the support of quantity surveyors and underwriters who are properly trained and experienced in the construction industry.
5. Your policy is tailor-made to your specific business. This means it will fit around your business operations and procedures, as opposed to your business procedures having to fit into the policy process.
A helping hand and specialist insight along the way
As sub-contractors and suppliers to the construction industry will know, the way this sector operates is unlike most others. With Status Credit Insurance you gain a construction-specialist broker and credit insurers for all the necessary support.
When it comes to processing and paying a claim, we understand the complexities of your sector and the way it does business. We will draw on our specialist knowledge to ensure your claim is handled and paid promptly. On average, we been able to help clients gain payment within 28 days and references from our existing client are available on request.
Could credit insurance help your construction business? Please call us now 01342 302 566 to discuss how we can help or click below to contact us now.
Bridge Recruitment Services Ltd has enjoyed a business relationship with Status Credit Insurance Ltd for the past 10 years. We have found the service provided by Lance and his team to be invaluable. They are always available to answer queries in connection with claims, policy conditions, credit limits and company accounts assessments. We believe that Lance has saved the business thousands over the years and more importantly has provided opinions enabling us to make the right choices.