It’s been an unforgiving year for big business with a number of high profile collapses including Carillion, Monarch, Toys R Us and Maplin. But every cloud has a silver lining and our team at InvoiceInsure have observed these seismic folds, gaining crucial insights into the importance of businesses of all shapes and sizes protecting themselves against bad debt.
Launching at this critical time, InvoiceInsure supports high growth companies to put in place the same precautionary measures that big corporations do, thus safeguarding against insolvency and protracted default from clients.
The company mission is a personal one. Our CEO, Martin Alderson, was unable to find comprehensive invoice insurance on the market whilst developing his previous businesses. Martin elaborates how “As a rapidly growing startup, I found that I was spending a lot of precious business development time chasing payments for work that I’d already delivered. When trying to find a solution to this problem I saw a crucial gap in the market and felt compelled to help other growing businesses with similar frustrations. That’s how the idea behind InvoiceInsure was hatched”.
This close connection to the cause means our primary priority is guaranteeing that smaller scale businesses are paid for the work they do. Our network of credit management specialists chase unpaid invoices so our clients don’t have to. This frees up time to expand client bases, make better decisions using our extensive client insights, and widen potential borrowing options – a comprehensive invoice insurance policy is increasingly becoming a prerequisite to qualify for a loan.
Our analysis of recent research reveals the extent to which ambitious businesses should prioritise taking out invoice insurance. UK trade credit insurance payouts are at an all-time high of £225m.
The SME market alone in the UK writes off £5.8 billion in bad debt every year. The rate of high profile insolvencies meant £130 million worth of claims were received in the final quarter of 2017 – the highest quarterly figure since early 2009.
With sums of money this large at stake and Brexit uncertainty also thrown into the mix, our arrival on the market offers a timely and welcome security blanket for the UK’s growing businesses.
Our solution takes into consideration how SME needs are changing in an increasingly digital world. The invoice insurance service operates via an online platform with an easy to use quote search. Affordable payments give smaller businesses access to an online account where they can check in and see what stage open cases are at. By partnering with the most established underwriters in the industry, we provide efficient claim turnaround times. It’s all part of our ethos to nurture dynamic business growth in the UK, ensuring that the sector thrives and isn’t held back by unpaid invoices or client mishaps.
We’d be delighted if you get a quote for your business by clicking the link below. It’s a simple process and won’t take long.
Giulia Macgarr