The British Insurance Brokers' Association (BIBA) has launched a scheme for trade credit insurance via CMR Insurance Services.

The scheme's launch follows the recent high profile company collapses including, Monarch and grocery wholesaler Palmer & Harvey.

It is designed to protect businesses from the risk that their commercial clients may not pay their invoices, which may help businesses to capitalise on trade opportunities and protect their bottom line.

BIBA technical services head Mike Hallam said: “For members, this provides access to a class of insurance that can be invaluable to businesses. 

“There is no question that there is a need for this type of insurance, according to the Association of British Insurers (ABI), in 2016 trade credit insurers paid out an average of £4m per week in claims settlements.  We look forward to working with CMR.”

CMR Insurance Services has been offering credit insurance to prudent successful businesses across the UK for over 27 years.

Its clients range from start-ups to major corporations in almost every sector of business and industry.

CMR Insurance Services managing director Christian Hoy said: “We are delighted to be working with BIBA to promote bad debt insurance that applies to any company that gives credit to their customers. There are always risks associated with trade and taking steps to protect cash flow is a wise precaution in any economic environment.

"In today’s challenging marketplace the risks are heightened and this cover is more necessary than ever during these unpredictable and uncertain times.”


Image: BIBA and CMR Insurance launch new trade credit insurance scheme in the UK. Photo: Courtesy of BIBA.