Businesses must protect themselves
8:37am Thursday 2nd October 2008
Comments (0)COMPANIES should consider comprehensive credit insurance to protect themselves against the domino effect of insolvency.
That is according to insurance broker Smart and Cook, which has an office in Northallerton.
Terry Rees, managing director of Credit Insurance Brokers (UK), part of Smart and Cook, said: “Historically, there is a chain reaction relating to business failures.
“In times of economic difficulty, credit insurance is a critical factor in the armoury of any business.”
Figures show that in the second quarter of this year, 359 firms in the region were wound up with bad debts, a 30 per cent increase on the same period last year.
Mr Rees said there was an increasing awareness of the benefits of credit insurance being used to protect companies’ assets.
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