About GTC
We provide solutions to “Secure Your Business” by “Insuring Your Success” with the best-kept secret in domestic and foreign business today.
A Specialty Credit Insurance Broker will help you find the most appropriate policy in the limited credit insurance market. They accomplish this by utilizing their expertise to address your unique situation and provide a solution that meets your business objectives, helping you grow your business. The use of this product benefits all stakeholders and shareholders.
Why use a Specialty Broker?
1. You can access the Broker’s market knowledge.
Independent brokers find the best fit for your business by soliciting competitive terms and pricing from the broad insurance market. By regularly doing business with various insurance carriers, an independent broker can find you the best combination of:
• Competitive pricing
• Quality of service
• Clear policy wording
• Claims paying reputation
• Insurer capability and capacity
• Policy flexibility and customization
Captive agents/Direct writers, on the other hand, can only advise you on the pricing and terms of the one insurance carrier they represent. Utilizing an independent broker allows you to compare and select the best trade credit insurance solution for your company.
2. You will receive competitive pricing without increasing your costs.
One question that is typically asked is: “Is it more costly to purchase a trade credit insurance policy sold through an independent broker than from an insurance carrier that sells directly through its captive agents?” The answer is “NO”.
Insurance carriers either pay an independent broker’s commission or pay for their own captive sales force. It’s essential that you find the best price, terms, and policy structure to meet your needs, as an independent broker will do for you.
3. You can have a knowledgeable Broker service your policy.
After a policy is sold, independent brokers continue to perform valuable day-to-day services, monitoring the adequacy of your coverage limits and policy terms as market conditions fluctuate, and ensuring that your claims are handled fairly. Using an independent broker such as Global Trade Credit is a value-added proposition.
Do I need credit insurance?
Each company’s reason for purchasing credit insurance is unique. Typically, it is to satisfy a need in one of these departments in any company: Finance, Credit and Collections, Sales and Marketing.
Ask yourself the following top ten questions:
Do I require more ‘financing’ or access to capital?
Would my financial institution margin against my accounts receivable, inventory, and work-in-progress?
Am I trying to grow my business in ‘new markets’, domestic or foreign?
Would I be more comfortable with additional' credit information’ on new buyers?
Do I need a competitive edge over my competition?
Would offering longer payment terms be an advantage?
Are there significant individual buyer receivables on my balance sheet?
Would insuring these significant buyers help secure these large payments?
Are you uncomfortable with your accounts receivable's average days outstanding?
Would insuring your balance sheet help you with outstanding accounts receivable?
