JMD Ross is helping businesses bridge the gap between risk and opportunity with a new Trade Credit Insurance partnership.
Company insolvencies are on the rise in Australia, with more than 11,000 companies entering administration for the first time in 2023-24.
According to the Australian Securities and Investment Commission (ASIC), the number has increased by 39% since 2022-23. The subsequent loss of trade receivables can be devastating for suppliers.
JMD Ross has partnered with Nova Credit Risk to help businesses to protect one of their biggest assets – trade receivables – with Trade Credit Insurance (TCI).
Expert advice
With 40+ years’ experience in trade credit risk, business information and debt collection, Nova Credit Risk’s Graham Crozier has seen it all. And he’s dedicated to increasing awareness of TCI and the protection it provides SME’s and large organisations alike.
“Bad debts send businesses to the wall – everything that owners have worked so hard to achieve can go up in smoke with just one big hit – it happens,” he said.
“Debtors on average make up around 40% of a business’s total assets and, for just a couple of cents per $100 of each invoice, they can protect themselves against this risk.”
Despite TCI being available for “a hundred years”, a significant portion of the Australian market isn’t aware of it, according to Mr Crozier. And with business failures rising, it’s now more important than ever to have the right protection in place.
Personalised protection
Working closely with clients, Graham can provide bespoke TCI solutions to help businesses manage credit risk, increase sales revenue and explore new markets with confidence.
“The product mix continues to develop, particularly in the SME segment which has traditionally been poorly serviced,” he said.
“There is now at least one product in the local market which addresses this segment in a way no-one has previously been able to achieve.”
JMD Ross Insurance Brokers can help you mitigate against a wide range of risks by providing insurance solutions.
To discuss your risk management and insurance requirements, please contact:
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- Graham Crozier 0410 625 991 graham@novacreditrisk.com.au
- John Davaine 0413 610 523 jdavaine@jmdross.com.au