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Buy now, pay later: Buying on open terms is common. Whether B2B or B2C, many companies supplying goods or providing services in Switzerland pay in advance for their customers and therefore take on a major risk. However, if material and staff costs have already been incurred, but payment has not been received, this can quickly impact the financial existence of companies, especially smaller ones. Trade credit insurance is a simple and effective way of safeguarding the solvability of a company.
From a legal perspective, a payment term is a voluntary arrangement granted by the supplier to its customers. In the market however, granting (long) payment terms can often be the decisive advantage over rivals when it comes to winning a new order. This is because the principle of goods or services against payment in cash applies, which is why the seller has very few legal options if the payment is late or if it is not made at all. Of course, tools such as structuring the purchase contract, reminders and debt enforcement are helpful to avoid outstanding debts, but they cannot provide absolute security. You will only have this if you transfer the risk of financial losses from your business to an insurance policy.
Every third bankruptcy is due to a domino effect. And in economically uncertain times in particular, the insolvency of your most important customer can also have far-reaching consequences for your business. To ensure that unpaid claims do not threaten your business's existence, you should actively seek to reduce default risk. As a trade credit insurer, we cover your business activities in Switzerland and abroad with customized solutions. From creditworthiness checks on your new and existing customer to collection and payment of outstanding invoices.
Deliveries on credit form the basis of many business relationships and are also used to gain an edge when competing for new customers. We offer comprehensive insurance protection so that as the supplier, you do not fall into a financial crisis through no fault of your own by granting this type of supplier credit.
Guaranteeing liquidity: AXA covers all unpaid claims arising from the sale of goods and services on account and compensates you for outstanding invoices so that your business maintains its liquidity at all times.
Protection in Switzerland and abroad: We protect your business operations in Switzerland and/or your export business, including domestic and foreign subsidiaries.
Credit monitoring: Credit checks on all your new customers and permanent credit monitoring and alerts of your customer base are part of trade credit insurance.
Claims management: No more debt collection workload: AXA takes over responsibility for collection in the event of a bad debt and represents your interests until proceedings are completed.
Insurance coverage starts: In the event of custom-made products, default risk begins as early as the production stage, not just after delivery. You can choose when insurance coverage starts.
Increase in creditworthiness: Liquidity guaranteed by AXA improves your company's creditworthiness: Banks provide more competitive rates for business credit for planned investments.
A customer's insolvency can cost your company dearly. You pay a particularly high price if you are unable to meet your own obligations on time because of outstanding receivables and you are suddenly threatened with bankruptcy. Accounts receivable insurance covers invoices you have issued that have not been (or cannot be) settled by your debtors, provided a debtor coverage has first been applied for and granted by AXA. As an insurer, we protect your business against the financial consequences of bad debts with accounts receivable insurance.
Compensation: In the event of suspected or proven insolvency (e.g. start of bankruptcy proceedings), we pay 80% of your invoices up to a potential limit of CHF 100,000. You can choose to insure only selected debtors, regardless of whether they are business or private customers in Switzerland or in neighbouring countries.
Short waiting time: To guarantee your liquidity, compensation is guaranteed to be paid three months after the claim has been filed.
With trade credit insurance, you insure worldwide losses you suffer as a result of non-payment and insolvency of all your B2B business customers. Trade credit insurance is often a good idea to gain a competitive advantage. For example, if you offer your business partners more attractive purchasing conditions than your competitors and would like to guarantee your liquidity at the same time . Or if your business depends financially on a small number of customers and late payment could endanger your cash flow. Trade credit insurance is suitable for businesses that have an annual turnover of at least CHF 2 million and is mainly aimed at corporate customers.
With accounts receivable insurance, you have the option to selectively insure specific customers (as well as business partners and private individuals) in Switzerland and in neighbouring countries (up to CHF 100,000 for all outstanding invoices with this debtor). The insurance is suitable for companies with an annual turnover of up to CHF 9 million. Corporate and private customers can be insured. With accounts receivable insurance, you buy insurance cover for individual customers through a credit limit. This limit is designed to cover all outstanding invoices and is valid for a specific period of between three and twelve months.
Even long-term business relationships are not immune from bad debts. Deteriorating solvency often creeps in gradually with long-term business partners. Because of the good relationship, late payments are accepted, until it's too late. Making an objective assessment is that much harder as a result and that much more important, as this assessment is made by a neutral party.
The level of premium is based on individual factors of your business model, such as turnover volume, business activity, outstanding balances or prior losses and is calculated as a percentage your turnover.
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