You don’t need credit insurance… until you need credit insurance

There are companies that feel like credit insurance is not necessary, but we have seen cases where companies live to regret this. Companies decide they do not need a credit insurance policy and then afterwards suffer a year ruining bad debt. They then decide that maybe they should insure one of their largest assets. Basically what we are saying is that credit insurance is quite often purchased as a result of a bad debt. Why not protect your company before the inevitable happens.

Savers, spenders and credit insurance

The base interest rate has dropped but what does that mean for the credit insurance world, maybe nothing, but more likely everything. The main reason for dropping the base rate is to promote spending in a bid to boost the economy suggesting that rather than save, consumers will spend. With the potential of a more active consumer market this would in turn boost a company’s potential client base. If you have more clients, you tend to know less about them.

“I had an opportunity to take out credit insurance, but didn't.” – Peter Jones

At 6 foot 7, Peter Jones not only towers over most people but towers over the business world with his estimated net worth of £500 million. By the time he was 22 he was living the dream. He had his own home with a BMW and Porsche parked in the driveway. The self-confessed car fanatic was also married to his first wife Caroline. However he has not got to where he is today without some failures. Jones set up a computer business manufacturing PCs under his own name, but the recession of the early 1990s saw the business go under.

Brexit – What’s next for the Credit Insurance world?

The news on Brexit just keeps on coming and rightly so, as the political situation changes daily. Theresa May is now our Prime Minister and she is currently building her cabinet, which entails some surprises, the main one being Boris Johnson becoming the new Foreign Secretary. Share prices seem to be stabilising and the pound has started to improve although it’s still nowhere near where it was pre Brexit. The Bank of England has just announced they will maintain the current interest rate at 0.5% for the time being, but for how much longer?