Aon launches Tradeability credit insurance
Aon has launched a credit insurance service for small and medium sized enterprises (SMEs), in partnership with Euler Hermes UK.
The broker’s trade credit director, Elizabeth Jenkin, says Aon Tradeability is designed to give peace of mind and reinforce the credit management functions of small businesses.
Tradeability includes components normally offered to larger clients and according to Aon can also offer a route to additional working capital finance.
The credit crisis has already prompted a 20% year-on-year increase in the number of small businesses buying insurance for bad debts and defaulted payments.
Meanwhile, the Association of Business Recovery Professionals, known as R3, is forecasting a 41% rise in bankruptcies by the end of 2009, leaving SMEs facing a cycle of customer insolvencies and cash flow problems in the months ahead, with the additional pressures of restrictive lending.
Businesses opting for the new Aon product can secure protection against bad debts plus access to a dedicated SME service team that will support the company’s credit management function.
The insurer says the team has online access to customer information and will also provide recommendations on enhancing current credit procedures, such as specialist advice on credit limits.
Category: Aon News, Business Insurance News, Companies News, Insurance News
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