As everyone by now knows the fallout from the Carillion collapse has affected about 30,000 Businesses.
This means that 30,000 Businesses will be owed money for services they have performed or goods they have sold to Carillion which they will now not get nor have redress.
In hindsight now, could there have been a solution to protect these businesses?
The answer is yes through Credit Insurance.
In fact, the Association of British Insurers believes that only around £31m will be paid out by credit insurance. A drop in the ocean in the whole scheme of things.
Had Credit Insurance been taken out (before the profit warnings of Carillion) this would have protected, or partly protected, a business from such a disastrous scenario.
Maybe it is time for Business Owners to consider this type of insurance along with their annual insurance programme.
For Help and Advice on this or any type of Business Insurance please Call Us on 0207 731 3700 or drop us an email.
