Your worst nightmare has come true - your biggest customer has not paid a substantial invoice. What are you going to do? Oh, wait. You have trade credit insurance for your business and this customer is covered by your policy. Phew.
But now what do you do?
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The first thing to do is actually BEFORE you have a delinquent customer. Make sure you know your policy. Here are some questions to make sure you know the answers to ahead of time:
Here are some other tips to help your claims process go smoothly:
If you file a credit insurance claim and your customer disputes it, the insurance company may not pay the claim until the dispute has been resolved. The insurance company does not act as a mediator between you and your customer in regards to the dispute. If legal action is required to resolve the dispute, the insurance company does not get involved but waits -- and may set aside or reserve the claim payment -- until the dispute is resolved. If the legal outcome of a dispute is in your favor and your customer still does not pay, the insurance company will release the claim payment. A customer dispute does not necessarily mean that a claim will be denied, but it will often delay it.
A trade credit insurance broker is an advocate for you when dealing with the credit insurance company. Let us help you find someone who will be a true partner and help you get paid.
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