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Simplicity Credit Insurance

Simplicity is a minimum fuss off the shelf credit insurance product protecting your business against bad debt.

Credit insurance is vital protection in the current financial climate that helps to protect you against the high risk of bad debt. With credit insurance, your business will be safe in the knowledge that if your customers don’t pay, you will be protected.

What does the policy cover?

The policy will insure your invoices for goods and services supplied to business customers located in the following countries: United Kingdom (including Channel Islands and Isle of Man), Austria, Belgium, Canada, Czech Republic, Denmark, Estonia, Finland, France, Germany, Hungary, Ireland, Italy, Luxembourg, Malta, Netherlands, Norway, Poland, Portugal, Romania, Slovakia, Slovenia, Spain, Sweden, Switzerland, United States on credit terms no longer than 90 days after the date of invoice where the total debt is £200 or more. 

And if your customer doesn’t pay you?

You simply submit a claim. If your customer does not pay due to insolvency, you need to submit a claim within 30 days. Otherwise submit a claim within 90 days of the invoice due date. In either case, if the money owed cannot be recovered , the Insurer will pay your claim within 120 days. Please note there is no excess on a Simplicity policy , the whole of the amount owed is paid.

The $64,000 Question! What will it cost?

Select the column that matches your turnover to view your annual premium (including IPT).

Turnover
Between
(£)                      
And
(£)                      
Annual Limit
of Liability
(£)
Maximum
Claim

Per Customer
(Standard)
(£)

Maximum
Claim
Per
Customer

(Enhanced)
(£)
Annual
Premium

(Including IPT)
(£)
80,000 400,000 40,000 4,000 16,000 3,540
400,001 800,000 60,000 6,000 24,000 4,130
800,001 1,200,000 80,000 8,000 32,000 5,400
1,200,001 1600,000 100,000 10,000 40,000 6,600
1,600,001 2,000,000 120,000 12,000 48,000 7,950
2,000,001 2,400,000 140,000 14,000 56,000 8,630
2,400,001 2,800,000 160,000 16,000 64,000 9,300
2,800,001 3,200,000 180,000 20,000 80,000 10,070
3,200,001 4,000,000 200,000 24,000 96,000 11,350

 

What is enhanced cover?

You can increase your cover by using our online grading service. With our unparalleled trade knowledge, we grade over 40 million companies worldwide from 1 (very low risk) to 10 (insolvent), giving you invaluable insight into your existing and potential customers. If your customer is graded from 1 to 6 we increase cover to 90% of the debt and multiply the maximum claim by 4 times (see the Maximum Claim per Customer (enhanced) values table). If your customer is grade 7 then cover stays at 60%. We would not recommend trading with companies graded 8, 9 or 10 and no cover is provided for further supplies on these customers once a grade has been requested. We let you know automatically if our grading changes so that you can base your trading decisions on our unrivalled information.

To find out more about Simplicity Credit Insurance, please fill in the form below and our team will get back to you as soon as possible or just give us a call on 01724 872939.

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