Liquidation of long-term customer leads to first claim in 10 years
Electrio believe in working in partnership with its clients – so when a client is lost through insolvency, it’s more than just a bad debt, it’s the loss of a business partner too. On 14th March 2018, longstanding valued customer Benson Bros went into liquidation leaving a six figure debt owing to Electrio, who consequently had to make a claim for the first time in 10 years.
Fortunately, Electrio had an appropriate and comprehensive credit insurance policy with The Channel Partnership – so within 49 days of the customer liquidation, the full value of the insurance claim was paid into Electrio’s account with minimal disruption.
Reducing risk
Electrio has used trade credit insurance for more than a decade as part of a system of proactive credit management and as a reduction of risk. It not only acts as the ultimate protection in the event of a bad debt, but has also supported business to reduce risk by setting appropriate levels of credit in the first place.
