Single Invoice Cover
A relatively new innovation is the ability to insure single invoices, rather than the more traditional single buyer/whole of ledger options. It's not really a practical alternative where you are raising lots of invoices (though you can insure more than one at the same time), but it is generally much cheaper than traditional ways to cover risk (the minimum premium is just £5.36). There are some restrictions, such as the maximum invoice value is £500,000, and you can't insure invoices that are already more than half way through the credit period. Importantly, don't use it to `top up' cover held elsewhere, as that will invalidate both policies. It's backed by an algorithmn, and It is a `self service’ option – there is no negotiation, and no appeal – you either buy or your don’t. It’s from a reputable and credit worthy insurer, and on your first visit you’ll need to set up an account, but that just takes a few clicks. Payment is by credit card, so useful to have it to hand.
To buy or check out single invoice insurance click here.