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Trade Credit Insurance

Because the future isn’t always as expected, we predict trade and credit risks today, to protect cash flow tomorrow.

By partnering with us, you can use our global network and services to unlock and protect cash-flow while reducing costs and minimising the risk of losing liquidity in the supply chain.

Or, we can support you expanding to new markets and growing your business. And in the event of a bad debt, we compensate your company.
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Trade Credit Insurance
Trade Credit Insurance

Why Socovered?

In a nutshell, Trade Credit Insurance is not just policy, it’s a service that monitors creditors and protects businesses. We can help take away the stress that late payment brings, protecting what you have and enabling you to concentrate on what you do best – growing your business.
  • We pride ourselves in getting to know our customers’ business and understanding their individual needs
  • We will use our specialist knowledge of the credit insurance market in order to tailor a credit insurance package that will cater for your requirements.
  • We will provide assistance should any of your customers need a higher credit limit facility
  • Should insurer(s) flag up a potential problem with the credit worthiness of any customer(s) going forward, we use our expertise to make sure you get fast, accurate and reliable information to enable you to take the appropriate action.
  • In the event of a claim, we will manage the process efficiently to ensure fast payment in order to protect your cash flow
  • We always endeavour to manage your credit insurance policy professionally, from inception to renewal, in order to be certain that you are receiving the very best level cover at the most cost-effective price.
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Trade Credit Insurance

Why Socovered®

It is a policy which pays you when your customers cannot or will not pay. This could be because their business has gone insolvent or they indefinitely delay payment.

As well as providing cover in the event of a bad debt, a credit insurance policy can also provide financial information on the credit worthiness of your customers, allowing you to make more informed trading decisions at the beginning and in the future.

Many insurers also have their own legal teams to help recover the debt.

We work with a range of clients from several sectors, including manufacturing, food and beverage, construction, logistics, financial institutions, wholesale and retail.

Companies within these sectors need Trade Credit insurance for many different reasons – they might be going through a period of growth, have previously incurred bad debts, have a concern over certain customers or an opportunity has arisen to increase exports in unfamiliar territories.

Trade Credit insurance is suitable for businesses with a turnover of more than R500,000 who offer credit to their customers

This information can be provided in the form of an insured credit limit that reflects their creditworthiness alongside insurers sharing their knowledge with their customers.  In the circumstance that one of your customers is experiencing difficulties, they may also be able to provide valuable insights and market intelligence for you.

For smaller credit balances, insurers allow you to grant your own limits; either from a credit rating agency (for example, Experian, Creditsafe or Graydons) or based on your previous trading experience with the customer.  This cover is known as a discretionary limit.

If the debt is due to insolvency then payments are usually received within 14 days subject to all information being received. If the debt is due to a customer refusing to pay, then there is a waiting period which varies from one insurer to the next but will be between three and six months.

The cost of the insurance is paid directly to the insurer (monthly or quarterly) on an interest-free basis.

Benefits of Trade Credit Insurance

Predict

Gain access to comprehensive and up to date information on the changing risk within your customer portfolio. Track and manage customer orders and payments more confidently.

Protect

Trade receivables are protected and your cash flow and profit line will be more secure. The strength of the business will be clear to banks, auditors and investors.

Grow

Identify opportunities for growth and expansion. Release resources to develop sales with new customers and in new markets.

About Us

We recognised the importance of this personal approach in helping clients achieve better insurance results.

hello@socovered.co.za

tel: 010 109 4015

hello@socovered.co.za

24/7 – Available when you need us

010 109 4015

Monday-Thursday 8am-10pm 

Friday 8am-9pm 

Saturday-Sunday 8am-15pm

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Socovered Financial Services is an authorised financial services provider (FSP 51127). Registered in South Africa.

The information provided on this site has been developed by Socovered Financial Services for general informational and educational purposes. We do our best to ensure that this information is up-to-date and accurate. Any insurance policy premium quotes  displayed are non-binding. The final insurance policy premium for any policy is determined by the underwriting insurance company following application.