Begbies partners in credit insurance launch

INSOLVENCY firm Begbies Traynor has teamed up with insurance broker RK Harrison and credit insurance firm Atradius to launch a new credit insurance product known as Red Flag Alert Protection.

The product allows firms with a turnover of less than £10m to secure cover worth up to £35,000 on each company they trade with. RK Harrison will sell the prduct, which can be arranged within 72 hours. Premiums start from £4,000 a year.

Begbies Traynor said that credit limits are set independently through its monitor service and that unlike conventional cover, limits cannot be cancelled or withdrawn by the credit insurance.

Mark Halstead, managing director of Begbies Traynor’s Red Flag Alert credit information business, said: “Our product assesses risk in a way which puts the customer in greater control.”

Halstead added: “In the current economic climate, small businesses are rightly concerned about bad debts.  Red Flag Alert Protection will allow them to trade with greater confidence.”