27 May 2024, 01:38
By Furniture News Apr 09, 2014

BFM launches new credit insurance service to members

The British Furniture Manufacturers (BFM), in association with Euler Hermes, one of the world's leading providers of trade-related credit insurance solutions, launched a new simple credit insurance policy to its members today.

Simplicity is a simple credit insurance policy designed to protect a company’s balance sheet from bad debts, with added benefits for BFM members. It is designed to not only insure payments from UK customers but also the bad debts of overseas customers.

Jackie Bazeley, MD of the BFM, says: “British furniture is highly sought after world-wide, yet one of the biggest barriers to businesses entering the export market is the worry that they won’t get paid and the administrative nightmare that results in collecting a bad debt. This product looks to address this issue by providing the protection and peace of mind businesses need when trading in unfamiliar territories, with BFM members receiving a number of added benefits.”

Benefits for BFM members include:
·         Access to 10 free credit opinions on some of your key clients
·         A face to face no obligation consultation with a Credit Insurance Specialist
·         Help with access to information on exporting safely

Melissa Dowle, commercial director for Euler Hermes in the UK, says: “In the current economic climate, credit insurance is vital. It helps protect you against the risk of bad debt. It means you can confidently get on with running your business, secure in the knowledge that if your customers don’t pay, you’re protected.”

The Euler Hermes Simplicity policy will insure invoices for goods and services supplied:
·         for 60% of any debt up to a maximum claim per customer
·         to business customers located in over 25 countries
·         on credit terms no longer than 90 days after the date of invoice
·         where the total debt is £200 or more

Enhanced cover is also available via the Euler Hermes online grading service.

Simon Whittaker of Sagar Insurances, Insurance Broker to the BFM, says: “Credit Insurance is crucial in giving a business the breathing space they need to thrive. Sagar Insurances has worked hard with our partners to bring this policy to the furniture industry and BFM members in particular. Not only is it unique in that it is available to everyone but it’s really straightforward in its operation too, with in-built flexibility for those policyholders that require wider cover.”

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