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Insurance possible against clients who can't pay and not worth debt recovery

  • 11-04-2018 12:17PM
    #1
    5rtytry56
    Closed Accounts Posts: 2,828 ✭✭✭


    Is it possible to get insurance against a client who won't pay and can't pay, and using the services of a debt recovery agency would be too much trouble?
    Tagged:


Comments

  • #2
    Raging_Ninja
    Registered Users, Registered Users 2 Posts: 1,717 ✭✭✭Raging_Ninja


    5rtytry56 wrote: »
    Is it possible to get insurance against a client who won't pay and can't pay, and using the services of a debt recovery agency would be too much trouble?

    Use an escrow service.


  • #3
    pedroeibar1
    Closed Accounts Posts: 5,108 ✭✭✭pedroeibar1


    5rtytry56 wrote: »
    Is it possible to get insurance against a client who won't pay and can't pay, and using the services of a debt recovery agency would be too much trouble?

    Yes, it is called credit insurance. Generally it is based on whole turnover, although single risks can be insured at a much higher premium. Insurance is a protection against something that might, not will, happen. So if you are dealing with bottom-feeders you are not going to get them insured.


  • #4
    Trojan
    Registered Users, Registered Users 2 Posts: 16,415 ✭✭✭✭Trojan


    Be more picky about your clients. Get as much of the payment upfront when you can. Be prepared to walk away from a bad debt. Charge more (you'll be dealing with better clients automatically).

    🎙️ The Recognized Authority Podcast



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