Tip 1. Check, check, double check: credit limits and debtors
Most credit insurance policies have an insurance year of 12 months. So you pay costs on all credit limits and checks over those 12 months. Check whether you really need all the credit limits. You may be able to eliminate some of them. And then immediately check which debtors you want to continue with based on self-assessment.
Tip 2. Lower advance payment? Avoid an advance amount that is too high
Please inform us on time of any changes in your insured turnover. Because then we can properly estimate the amount of the advance invoices for 2024. The advance premium invoices are pre-taxed with 21% insurance tax on the estimated domestic (not foreign) turnover. Also read tip 5: you do not have to report everything when calculating the insured turnover.
Tip 3. Request a deferral of direct debit in a timely manner
Do you expect that one of your debtors will not pay within the specified period? Then it is smart to request a postponement of the collection in advance from your credit insurer. All credit insurance contracts have a deadline within which a collection procedure must be initiated. Did you not request an extension in time? A credit insurer can then reject your claim.
Tip 4. Clean it up: for better ratios
One of the largest asset items on the balance sheet for most companies is accounts receivable. Can you return that post? Because that leads to an interesting improvement in your ratios on the balance sheet. Now is the time to pay extra attention to the collection of claims and to carefully consider whether you can still have defaulters collected by an agency. Alternative: (temporarily) selling your debtors. You can always submit your 'non-insured direct debit' to us.
Tip 5. You do not have to include everything when calculating insured turnover
The end of the insurance year... then you must report the insured turnover to your credit insurer. But you do not have to declare turnover with:
- Private individuals;
- Cash payments, advance payments;
- Government institutions, unless there is political cover;
- A zero limit or negative assessment provided it is less than one year old;
- Affiliated debtors (such as a parent or subsidiary), unless this is covered under the policy.
As soon as the final turnover statement has been determined, you will receive a final invoice. The advance invoices are settled here and any premium refund/surcharge scheme is determined.
Tip 6. Check whether your policy still fits in with your current business operations
This prevents surprises and reduces the chance of a claim being rejected. Therefore, check whether you still want to insure affiliated companies, uninsured countries, manufacturing and contract risks or advance payments. Also check whether the maximum payment conditions, terms for submitting collection cases and damages stated in the insurance policy still correspond with your practice.
Tip 7. Holiday closure? Then take action in advance
Are you unable to meet your policy obligations within the terms stated in the policy overview because your company is closed for the annual holiday? Please contact us. We can provide a suitable solution for this.
