Tradies AccountantsTradies Bookkeepers

Sometimes, clients delay in paying you or even don’t pay you at all. As a tradie, what can you do to demand payment upfront to protect your business? Some clients are fine with this but you might lose some jobs to businesses that offer better terms. You can protect your business against bad debt through credit insurance, which covers your business in case a client fails to pay you.

Insurance for contractors and construction companies

Credit insurance prevents bad debts on your trade credit book or debtor’s book. It insures your business against losses from business rescue proceedings, liquidations and payment defaults. Credit insurance also allows small businesses to secure working capital and finance from banks and attract new clients with good credit terms. However, credit insurance comes with a cost that’s dependent on your business, credit size portfolio, risk level and market location.

Credit insurance can be your business backup when faced with the risk of income loss. Other benefits can be valuable to your trade business. It can help grow you client base through good credit terms. You can also increase your business development activities to attract new customers knowing that the risk of bad debt is reduced.

New clients mean new cash inflows that will help you grow your trade business. A healthy cashflow allows you to meet debt obligations and build strong relationships with suppliers. An insolvent client won’t affect your ability to pay suppliers.

You will also receive information about your clients to help manage credit risk. A potential client’s payment history is assessed to determine credit worthiness by the insurer. You can avail of tradie credit through insurance company reps or insurance brokers.

Check out our website to learn more about growing and protecting your trade business. Work with a tradies accountant who specialises in trade businesses and provides them with bookkeeping, accounting and consulting services.

Contact UsContact Us

As you look for different ways to grow and improve your business, seeking professional advice could prove to be an important and helpful decision.

You can click here to speak to a businessaccounting and bookkeeping firm. We also offer hospitality business consultation and mortgage services. We will give you a call to know more about your needs. We will explain to you how we can improve your business.

We would love to help you formulate investment strategies and streamline your processes to take your business to the next level.  Our goal is to help you grow your business, find ways to invest more and increase your productivity.

Sky Accountants Ballarat

Phone: 1300 328 855

Office Address: 902 Howitt Street, Wendouree, Victoria 3355, Australia

Postal Address: PO Box 2234, Bakery Hill, Victoria 3354

Sky Accountants Gisborne & Macedon Ranges

Phone: 03 97444522

Office Address: 45 Hamilton Street, Gisborne, Victoria 3437, Australia

Postal Address: PO Box 270 Gisborne Victoria 3437