The end of the year is the time to get your credit insurance critically review. Does your policy still match your current turnover, debtor portfolio and international activities? By timely checking your credit limits, advance amounts and policy conditions, you avoid unnecessary costs and reduce the risk of rejected claims. In addition, good preparation will provide insight into your debtor position and immediately improve your financial ratios. With the points of attention below, you will be well prepared for the new insurance year and ensure that your credit insurance is optimally aligned with your business operations.
1. Check your credit limits and debtors
When renewing your policy, you pay costs for renewing all your credit limits and cheques. Therefore, carefully consider which limits you still need and which can be cancelled. Also determine which debtors you want to continue with under the insurer's limit in the coming year and where you can possibly deliver based on your own assessment.
2. Avoid excessive advance payments
Changes in your insured turnover directly affect the amount of your advance invoices. Therefore, please report any changes in good time so that the advance payment for 2026 is correct. Please note that 21% insurance tax is calculated on domestic turnover; foreign turnover is exempt from this.
3. Apply for deferred collection in time
During the holidays, invoices are often paid later. Do you expect a debtor not to pay on time? Then ask for a postponement of collection to. This way, you will avoid a possible claim being rejected later.
4. Reduce your accounts receivable position
Your accounts receivable are usually a large part of your balance sheet. By actively collecting outstanding receivables, you can immediately improve your financial ratios. For stubborn cases, you can engage a debt collection agency or (temporarily) sell your receivables. You can easily report uninsured debt collection to us; we will connect you with a suitable debt collection agency.
5. Submit your insured turnover declaration: less mandatory than you think
At the end of the insurance year, you report your insured turnover. You do not need to report turnover relating to private individuals, cash or advance payments, government institutions (unless political cover applies), debtors with a zero limit or negative assessment (less than 1 year old) and affiliated companies unless these are covered by the policy. You will then receive the final statement.
6. Check whether your policy still matches your business operations
December is the ideal time to check whether your policy still suits the way your business currently operates. Pay attention to the correct description of goods, affiliated companies that may need to be added, debtors in countries that are missing, the length of your manufacturing or contract risk cover, cover for advance payments and the maximum payment and notification periods.
7. Are you closing for holidays? Arrange it in advance.
If your company is closed during the festive season and you are therefore unable to meet your policy obligations on time, please let us know in advance. We will then work with you to find a suitable solution.