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Selling your products and services on open credit terms often helps you gain a competitive edge. However, it can also expose you to your customers’ financial difficulties. Your business incurs credit risk every time you extend credit to your customers. Accounts Receivable is one of the most liquid and valuable assets a corporation has yet they are one of the most unprotected asset classes.
Whether you sell within your town or around the world, credit insurance helps ensure that you will be paid for merchandise or services delivered to your customers. A trade credit insurance policy is a guarantee that you will be paid, subject to the terms and conditions of the policy, for the merchandise shipped or services rendered to your customer. By assuring payment, credit insurance can strengthen your company’s balance sheet and enhance your borrowing power, helping you grow your business and offering you piece of mind.
As a leading insurance brokerage, HUB has strong relationships with all of the top rated Credit Insurance carriers in North America as well as access to carriers overseas. We will assist in establishing the structure that is consistent with your needs and requirements for protecting your domestic and export accounts receivable. With this protection in place, you can be assured that your accounts receivable sold on open credit terms will be paid, either by the debtor or the trade credit insurer within the terms and conditions of the policy.
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Paired with Property and Worker's Compensation Insurance, General Liability insurance is essential for businesses. A general liability insurance policy can protect your business from lawsuits resulting from a range of injuries and damage.
Coverage to protect businesses against exposures to loss created by the use of the Internet in everyday business.
Protects directors and officers of public, private and non-for-profit corporations against loss (damages and defense cost) arising out of their status or conduct as directors or officers. Common claims allege breach of duty, and security law violations.
Protects companies and individuals against loss (damages and defense costs) arising out of employment practice disputes. Common claims allege discrimination, sexual harassment, wrongful termination and wrongful discipline.
Find answers to all of your insurance questions by asking one of our advisors. We'll answer your questions and help you shop for, compare, buy, and manage your insurance program.
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Trade credit insurance covers the unpaid credit balance from merchandise shipped or services rendered to your customers in the event they cannot pay due to insolvency. Past due or slow paying accounts may also be included in policies. Political risk exposure, currency inconvertibility and contract cancellation may also be covered.
Because each business is unique, a HUB specialist will work with you and the insurance carrier to customize the policy to your particular needs. As your business grows, HUB will work with you to adapt your policy accordingly. For example, you can add new customers or make changes to existing coverage.
Credit insurance can protect you against severe credit losses, which result in reduced working capital and an erosion of profits. Just as you ensure your property, your inventory and your employees, it is wise to insure all of your assets against severe loss. Insuring receivables allows you access to additional working capital, usually at better rates.