What Are You Waiting For?
You don’t have to be an economist to agree that, with all that is happening right now, bankruptcies are about to happen (if not already). If not your customer, your customer’s customer may file bankruptcy and start the inevitable falling of the non-payment dominos. This reminds me of the recent Borden Dairy bankruptcy and the $700,000 claim check I delivered to my policyholder. This check allowed them to pay their supplier, carrying on the supply chain. If you could buy insurance to protect your receivables, why wouldn’t you do it immediately? If you wait until after the fact, insurance can’t help you. All the credit insurers are experiencing massive claims, premiums are increasing (sometimes daily), deductibles are being added and coinsurance is rising. At some point soon, the risk won’t be worth the premium and the insurers will be capped out on their willingness to offer coverage. Fuel companies shouldn’t be waiting to get a credit insurance policy.
Leykell Insurance is a specialist in credit insurance for fuel distributors. There is no charge to you for our services. We can get you credit insurance quotes from all the major carriers, explain the difference in each, train you on how to use the policy, and warn about triggers that could deny claims. If you have a current policy, let us work with you to appeal coverage decisions, find excess coverage, work to lower or keep your costs down, and make sure your company is following all the necessary policy procedures.
Credit insurance is a cost-effective sales tool that allows you to insure your receivables so you can safely sell more to your existing customers, go after new customers that may have been a credit risk in the past, and expand into new markets that you originally perceived to be too risky. Credit insurance offers a cost-effective solution for safe and profitable growth:
- Grow sales safely, domestically and abroad, to new and existing customers
- Protect your business from risk of non-payments
- Make better and faster credit decisions
- Ease tensions between sales and credit
- Avoid personal guarantees
- Borrow better from the bank by eliminating concentrations and obtain higher advances with lower rates
- Eliminate letters of credit and replace them with a tax-deductible insurance provision
- Gives you leverage to collect from your customers
Contact me below and let’s discuss your options.