4 Ways To Protect Your Business Income

Have you ever had the misfortune of a client not paying your invoice? For some, it's only a small amount, ￡500 here or ￡1000 there, for others it can mean losing much more.

Ever had a client delay payment? Or worse declared bankruptcy? For many SMEs, even a small loss can be a fatal blow.

Your business relies on customers and partners who are dependable and solvent. But how can you reduce the risk and know who to deal with, what can you do when it goes wrong and a customer can't pay?

Whilst most people you deal with are honest some may want to defraud, deceive and take advantage, or even act maliciously towards your business.

Wouldn't it be great to know if someone is a good-faith actor? How do you know if a company is being sincere in their business dealings even before you start a contract? Would you like to know if a major customer is having trouble paying the bills?

Did you know you can protect your business, and we can help you to do that?

Here are 4 ways FSB Insurance Service can help you keep your business safe in a volatile market;

1. Check Out Potential Clients Before You Take Them On

It's tempting to grasp every business opportunity that comes your way. Whilst this is great for building your client portfolio, you might be laying the foundations of failure later on.

How do you make sure that new customers can pay the bill when the time comes? Or to know that the supplier you've chosen is in fine fettle?

Luckily we provide FBS Insurance Service clients with a helpful tool to check out potential customers. Free credit checks from our partners at Euler Hermes.

Using this free tool you can check the credit of up to 10 potential customers and suppliers. Get crucial trading insights and commercial credit information on 365 million companies worldwide.

To?get your free credit checks, click here?and fill out the form to receive your report within 5 working days.

2. Know What Your Current Client Base Risk Is

What about your current clients? Can you absorb the loss if a big customer defaults? If a major supplier in your supply chain fails, you might lose money. Can you afford that?

If you knew when a business was having financial problems before taking on more trade from them, wouldn't it change what choices you made?

Luckily we provide FBS Insurance Service clients with a helpful tool to check out potential customers, the?Credit Risk Analyser Dashboard?from Euler Hermes.

Free to use (as long as you have registered with us) this great tool can help you investigate your client lists' risk of default.

Using this Dashboard you can;

• See the average rating of your customers based on how their probability of default prediction has evolved over the past 12 months
• See where your customers fit by sector. To see if you have an issue with sector concentration
• See a breakdown of your buyers by credit risk grade and industry sector
• Now you can make an informed decision about what clients your business takes on, and how much risk that carries.

Avoid customers who might be in trouble financially or habitually fail to pay their bills and build lasting relationships with clients who will grow their business alongside yours.

Want to know more about the?Credit Risk Analyser Dashboard? Click here now.

3. Protect A Single Invoice

Did you know that the volume of unpaid B2B invoices Europe-wide increased by 23% in 2020?

Let’s say you took on a big job from a whale of a client, you’ve delivered on time and within budget, you’ve dispatched the invoice, time to reap the rewards right?

Wrong, this time the deadline has gone around, reminders issued, invoices resent, but the client still hasn’t paid. What’s happened? Have they gone bust? Is it just a delay? Either way, it can be devastating for SMEs when this happens.

But it doesn’t have to mean the end for your business if a client defaults on their project with you, there’s help to be had if you plan in advance.

You can insure a single invoice when you take the job on with?Tradelock. Tradelock covers single invoices issued by your business against non-payment due to insolvency and against protracted payment defaults. Take the worry away when you do catch that whale.

Protect your business when that big contract lands in your lap, and limit the risk of unpaid invoices,?want to know more about Tradelock? Click here now.

4. Insure Every Invoice

Being protected against that single risk with one invoice is great, but what if you need more?

Defending an entire client base of invoices sure would help to take the worry away from doing deals with other businesses, right?

We think so too. That’s why we offer?EH Simplicity, simply it is insurance for every invoice you issue, giving you total peace of mind when the worst happens.

With EH Simplicity you can cover your whole book of invoices at set prices depending on your turnover, covering invoices for goods and services supplied to business customers on credit terms no longer than 90 days after the date of invoice, where the total debt is ￡200 or more.

You can cover invoices issued to businesses based in Australia, Austria, Belgium, Canada, Chile, Czech Republic, Denmark, Estonia, Finland, France, Germany, Hungary, Italy, Luxembourg, Malta, Netherlands, New Zealand, Norway, Poland, Portugal, Romania, Slovakia, Slovenia, Spain, Sweden, Switzerland, and the USA.

Learn more about EH Simplicity and find out if it’s the right product for your company here.