Lakeland Tyres drives business forward with Trade Credit Brokers deal
One of Northern Ireland’s most recognised tyre suppliers and fitters, Lakeland Tyres, is one of the first company’s in Northern Ireland to take up a newly launched SME specific credit insurance policy designed to provide businesses with financial protection against an unforeseen and the potentially catastrophic impact of a bad debt.
The policy known as ‘Modula Freedom’, is underwritten by credit insurance giant Atradius and supplied through Trade Credit Brokers, the specialist credit insurance division of Willis Towers Watson in Northern Ireland.
Tailored for SMEs with a maximum turnover of £5 million, the new policy, which has a number of key benefits, provides SMEs with an affordable credit insurance option to protect their businesses against the impact of bad debt, caused by the failure of customers to pay for goods or services sold on credit, and are now an essential component for businesses seeking to proactively manage their credit risk.
Taking credit insurance is also a key business development tool as it helps assess the ability of new customers to pay on time, providing invaluable market intelligence.
Janice Smyton, Director, Lakeland Tyre Service Centre Ltd, said:
“Getting paid on time, and getting paid what you expect to get paid can often be difficult at the best of times for any business. It’s important for us as a successful business to ensure that we are protected and continue to trade with confidence.”
“It was an easy decision for us to take up this policy as it is affordable and can help us get back up to 90% of any losses that might be incurred. This cover means that we have greater piece of mind with this safety net in place as our business grows.”
Nigel Birney, Head of Trade Credit and Political Risks, Trade Credit Brokers, said today:
“Trade credit insurance is about making sure that a business is covered against commercial risks, such as the insolvency of one of their customers or payment default”
“The impact of bad debt on an SME can be significant and will be felt more acutely. What this new policy does is take away the anxiety and fear of a business suffering cash flow pressure by not getting paid on time or not being paid at all.”
“The SME sector accounts for approximately 80% of turnover in the private sector in Northern Ireland, so it is vital for jobs and the vibrancy of our local economy.”
“This new policy is ideally suited to the profile of businesses we have in Northern Ireland such as Lakeland Tyre Service Centre Ltd and will provide them with the confidence and protection to grow their business safely whether they trade locally or abroad. Barriers to growth often include access to finance and economic uncertainty. Trade credit insurance cover can be the answer to breaking down these obstacles and should be explored as an affordable solution.”
“No business is immune to local or even global business pressures and with Brexit coming down the track there is clear and present danger for many businesses who are not currently protected with credit insurance.”