What Is Specific Account Credit Insurance?
Specific account credit insurance is also sometimes referred to specific risk policy, single account policy, or single buyer policy. This type of insurance can protect your company against non-payment from a single customer. It is normally used by companies who rely on one creditor for a large proportion of their sales. Specific account credit insurance can be extremely valuable to help you expand your business safely and to provide more favourable credit terms to your customers.
What Do I Need To Know About Specific Account Credit Insurance?
There is a limited market in which we can place specific account credit insurance policies. Specific account credit insurance tends to have a much tighter underwriting criteria than other policies. However, many companies could benefit from a specific risk policy. Single account policy is suitable for any company who has a large or excessive exposure to a single company or group of companies. Premium rates tend to range from 2% – 7% of the required credit limit, with minimum annual premiums of £15,000- £25,000 being the norm for this type of business. It is also possible to look at a key account policy covering sales to a relatively small number of well established major customers.
The Benefits Of Specific Account Credit Insurance
- Risk reduction – single buyer policy could massively safeguard your company from catastrophic losses in case of non-payment
- Increase your competitive advantage – helps your business’ ability to offer potential customers great credit terms because you are protected with your specific account credit insurance policy
- Improve your cash flow – having specific account credit insurance for your company can improve your access to finance and improve your relationship with your bank
- Boost your confidence – having a single buyer policy can make you feel more secure, allowing you to take risks. In the case your creditor can’t pay, your policy likely will.
How Does Specific Account Credit Insurance Benefit Your Company?
If your business has a single client that contributes to a significant amount of your revenue, you should discuss specific account credit insurance with us. Single account policy means you are protected in case this client can’t pay, which can protect your company from financial catastrophe in the event that they can no longer pay you.
Why Use A Broker For Specific Account Credit Insurance?
Consulting with our experts who specialise in single buyer policy can make it much easier for you to find the right cover for your business. Their market knowledge and unparalleled experience means that you have access to expertise that will help you find the ideal specific account credit insurance for your company, as well as ensuring that if a claim needs to be made, it is dealt with as quickly and efficiently as possible.
How Are PH Credit Different From Other Credit Insurance Brokers?
At PH Credit, we are proud to say we have over 30 years experience in negotiating specific account credit insurance policies on behalf of many businesses. We specialise in all types of credit insurance, from trade credit insurance to single buyer policy. We are committed to providing a highly personalised service to our clients, and the fact that the majority of our clients continue to work with us for years and years is testament to how much we care about finding you the right policy.
Your specific account credit insurance policy will be dealt with directly, by our dedicated team of credit insurance experts. They will learn everything about your specific risk policy, and the intricate details of your business’ operations. Your single account policy will be dealt with by us directly, so you won’t have to spend your valuable time on the phone with countless customer service representatives. At PH Credit, we take care of your insurance completely, from initially finding you the right cover right through to claiming on your behalf if it’s required.
We also have specialist broker status with Atradius, Allianz Trade, formerly Euler Hermes, Coface UK, Chubb, Tokio Marine HCC & QBE Europe, demonstrating our trusted expertise. For more information, explore our Why Choose Us page to find out about how we are different from other single buyer policy insurance brokers.
Find Out More About Specific Account Credit Insurance
If you are interested in getting specific account credit insurance for your company, contact us today. One of our experts will be able to provide information about the different specific risk policy options for your business, and provide a quote on a no cost, no obligation basis.
