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How to protect your business during times of uncertainty

05 December, 2019
The uncertainty of Brexit is giving rise to numerous fears. From currency fluctuations to revised tariffs, or even the threat of goods being stuck at borders in the event of a ‘no-deal’.

The risk of company insolvencies in the food sector has risen sharply due to the unknown outcomes of Brexit. These, along with the continually changing deadline of when it will happen, have only added to concerns in what is already a fragile marketplace.

Catering supplier Nigel Fredericks fell into administration and ceased trading this summer due to challenging trading conditions. Sadly, several other meat suppliers and fresh produce companies have followed suit since.

The reduction in the casual dining sector in the UK is seen as the main contributing factorand food suppliers are hit twice - firstly from funds lost due to customer insolvency and secondly the need to find replacement customers in an already crowded market.

How can you protect your business?

One way businesses can protect themselves is by frequently checking their customers’ financial stability and therefore their ability to pay trade debt.

While Companies House and credit agencies are a useful source of information, their information is out of date. These services only giving an indication of past financial position as opposed to real-time data. This information can be helpful, but we are living in unprecedented times. Credit risk increasing at a pace we haven’t seen since the financial crisis of 2008.

A credit insurer continually monitors and updates the financial status of your customers and let’s you know when that risk becomes too severe.

Join a trusted credit insurance scheme

AF Insurance have a credit insurance scheme to protect against bad debts owing to insolvency or failure to pay. Cover is available for agricultural, horticultural and food-related products, including dairy, livestock, poultry, flowers and bulbs.

A tailor-made credit insurance package is available for UK and/or export businesses. Options include Single Account, Multi-Account &Whole-Turnover cover – this means you can choose either to insure all of your customers or just a handful. This is particularly useful if a grower has an entire crop destined for only a single or few customers.

Even better, because Alan Boswell operate the scheme, we have much lower starting premiums compared to traditional providers. The scheme is backed by Atradius – a world-renowned credit insurer and experts in the agricultural & horticultural sectors.

To discuss your credit insurance requirements, please contact AF Insurance via insurance@theAFgroup.co.uk or call 01603 216 385.

Get in touch

Contact us

If you have any queries or would like to find out more please get in touch.
info@theafgroup.co.uk 01603 881881Honingham Thorpe, Colton, Norwich, Norfolk NR9 5BZ
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