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Daily Insurance Industry News
Wednesday 18th of July 2018
May 10, 2011

Towergate highlights SME credit risk

by Gill Montia

Story link: Towergate highlights SME credit risk

Towergate Insurance is recommending that small businesses carry out thorough credit checks on any potential customers, given that new research suggests more than 80% of small firms are waiting over 30 days for invoices to be settled.

According to the intermediary, a survey of over 300 SMEs by professional services firm, RSM Tenon, also found that in the last 12 months, one in six small business-owners had waited for over 60 days to be paid.

Towergate chief executive officer, Jonathan Walker, comments: “With the economic outlook remaining uncertain, SME’s should look at ways to protect against the non payment by customers which could be the difference between staying in business and going under.”

He adds: “A sound credit insurance facility should provide local businesses an affordable solution at a time when they need it most.”

 

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