TYRE supplier and fitter Lakeland Tyre Service Centre in Lisnaskea is one of the first company’s in Northern Ireland to take up a newly launched SME-specific credit insurance policy designed to provide businesses with financial protection against an unforeseen and the potentially catastrophic impact of a bad debt.
Known as Modula Freedom, the policy is underwritten by credit insurance giant Atradius and supplied through Trade Credit Brokers, the specialist credit insurance division of Willis Towers Watson in Northern Ireland.
Tailored for SMEs with a maximum turnover of £5 million, the new policy, has a number of key benefits which allows firms to proactively manage their credit risk.
Lakeland Tyre Service Centre director Janice Smyton said: “Getting paid on time, and getting paid what you expect to get paid, can be difficult at the best of times for any business. It’s important for us as a successful business to ensure that we are protected and continue to trade with confidence.
“It was an easy decision for us to take up this policy as it is affordable and can help us get back up to 90 per cent of any losses that might be incurred. This cover means that we have greater piece of mind with this safety net in place as our business grows.”
Nigel Birney, head of trade credit and political risks at Trade Credit Brokers, said: “Trade credit insurance is about making sure a business is covered against commercial risks, such as the insolvency of one of their customers or payment default.”
He added: “This new policy is ideally suited to the profile of businesses we have in Northern Ireland such as Lakeland Tyre Service Centre and will provide them with the confidence and protection to grow their business safely whether they trade locally or abroad.”
