Comment on Trade Credit Insurance Scheme from Peter Staddon, BIBA Head of Technical Services:

Comment on Trade Credit Insurance Scheme from Peter Staddon, BIBA Head of Technical Services:
“BIBA welcomes the Treasury’s initiative to address the reduced levels of credit insurance available to small businesses and is working with the Treasury and the insurance industry to improve access to credit insurance.

“Our members have indicated that credit insurers are making withdrawals from certain sectors of business, which is leading to credit problems for many SMEs who are in a supply chain.

“In order to help small businesses further, we would also like to see credit insurers extend their cancellation provision from a few days to at least one month. This would give businesses more opportunities to obtain information and rearrange their supplies to customers.”

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