A credit insurance for construction companies. How can it help your business?
The construction industry is responsible for the design and accessibility of your living environment. It is a broad industry offering jobs to tens of thousands of people. The construction industry can be divided into the next three sectors;
Within these sectors, mainly three kinds of organizations are active; contracting companies, installation companies and outfitting businesses. These companies can, commissioned, be responsible for big construction projects.
In an industry in which payment terms of 60, 90, or even 120 days are not despised, it is important that you have complete certainty that your invoices will be paid. Research shows that 4.5% of the invoices in construction remain unpaid. What does it mean for your company if outstanding invoices from your debtors are paid too late, or even not at all?
A credit insurance in construction covers the risk of non-payment. Moreover, a credit insurance makes sure that outstanding invoices are paid faster, through the collection system. In construction, outstanding invoices are usually big invoices concerning high amounts of money. Writing-off these invoices as losses is not an option as this could lead to insolvency of the company.
The complete certainty of a credit insurance and the coverage the credit insurance offers, is indispensable in the construction industry. The trust in your partners in the construction industry is something you should be certain of. The right construction credit insurance helps companies to build trust. Because of the complete hedging of the risk, creditors and investors feel more inclined to work with you.
Lastly, with a credit insurance, you bring home knowledge, expertise and software. The creditworthiness check is an important part within the insurance. With a creditworthiness check, current as well as new debtors are checked for their creditworthiness in an early stage. As a construction company, you can anticipate on this by making the payment policy either more flexible or more strict. Moreover, you can fully focus on the partners with high creditworthiness because of this check.
In a personal consultation, we will elaborate on what a credit insurance in construction could do for your construction company. The experts of The CreditInsurers have years of experience and expertise in the field of credit insurances on which your construction company can trust. In a transparent manner, we help you to the best credit insurance for your construction company. Do you want to know what the costs for a credit insurance are per year? Or do you want to know why you should take out a credit insurance? Contact us free of charge and obligations.
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