Insolvencies are set to increase in 2009, with 20 per cent more SMEs turning to credit insurance in 2008, compared to 2007. In response, credit insurance broker Aon Trade Credit has launched Aon Tradeability, a one-stop-shop service dedicated to the smaller business. Services include insurance cover for bad debt, knowledge on customers ability to pay and a route to additional working capital finance. Director at Aon Trade Credit, Elizabeth Jenkin, said: Todays volatile economy means SME balance sheets are under pressure from customer defaults, as well as more restrictive bank lending. We wanted to give peace of mind, while developing a service that reinforces the credit management function. Our solution is accessible and cost effective with access to specialist advice on setting appropriate credit limits on your customer base.
Aon provides the service in partnership with credit insurer, Euler Hermes UK. It comprises: credit insurance, a dedicated SME service team to support credit management, advice on enhancing credit procedures, assessment and credit rating and advice on credit limits and claims.