Credit Insurance – Trade Credit Insurance
Credit Insurance or Trade Credit Insurance is not only valuable protection, but it’s also a growth tool for Manufacturers, wholesale distributors and retails in New York that carry their own receivables.
You insure all, or most of your tangible assets such as buildings or contents, but what about non-tangible asset such as your accounts receivable? Businesses, large and small, face the risk of non-payment of receivables, and depending on the concentration of risk you face, laying off some of that risk to an insurer may make sense. Credit Insurance is a cost effective way to transfer the risk of non-payment of your accounts receivable to an insurer for a reasonable premium. In addition to the protection provided by this coverage is the added resources of credit “intelligence” and credit warnings some insurers provide on your accounts. Many credit insurers will provide you valuable and up to date information on your customers on their credit worthiness standing. If a customer’s ability to pay is slow or slowing with other providers, this information is relayed to you in an effort to prevent slow or non-pay situations for you.
Credit Insurance as a Growth Tool
In addition, credit insurance can give you the comfort level to expand the credit terms you are willing to extend to customers because most of that extra risk is now insured. Imagine what you could do to with your best customers by expanding your credit terms with them while hedging the risk of non-payment of receivables with insurance! That’s why credit Insurance can be a significant tool to grow your business in New York.
In difficult economic times, and even in economic expansion, credit insurance may make sense for your business to protect one of it’s largest assets.
For International Trade, Trade Credit Insurance can be effectively substituted for expensive lines of credit or other guarantees you must provide to manufacturers or providers overseas before they will ship product to you.
Contact Us in New York with Credit Insurance Questions
Since 1929, The Coyle Group has been serving New York businesses with New York Credit Insurance in the Rockland County communities of: New City, Nanuet, Haverstraw, Pearl River, Stony Point, Suffern, West Nyack, Congers, Valley Cottage, Nyack, Orangeburg, Blauvelt, Palisades, and Chestnut Ridge; the Orange County communities of: Goshen, Pine Bush, Middletown, Newburgh, New Windsor; the Westchester County communities of: White Plains, Yonkers, New Rochelle, Bedford, Elmsford. And in New York City – Manhattan, Bronx, and Brooklyn.
For more information on how Credit Insurance can be used to help protect and grow your business in Dutchess County and other areas of New York, please contact us by calling 845-634-3606.