What is invoice insurance, and what does it cover versus other financial alternatives
Nimbla insurance is on an invoice by invoice basis – letting you insure as many or as few invoices as you want, from prices as low as £5.60. We cover you against your buyer going insolvent during the policy period, to help protect your cashflow. How does that compare to other common facilities?
Trade Credit Insurance
Traditional trade credit insurance is done on a whole book basis – the process often takes a long time, and you pay to cover your entire debtor ledger. Here at Nimbla, you choose which invoices you want to insure – and do not pay for those you don’t.
Debt factoring involves selling your invoice for a percentage of total value to help get cash quicker. This means potentially losing large amounts of the invoice value, and can harm the relationship between you and your buyer if the debt factoring company are aggressive in their pursuit of funds. With Nimbla you retain control of your invoice, maintain your supplier-debtor relationship, but with the added security of knowing insolvency won’t cost you your entire invoice.
Some companies are invoice funders, and will help fund your invoice. Often to protect themselves against loss they will want to know that you have insurance for the invoice in question – and that is where Nimbla can help. You can add your invoice funder to your policies, so both you and they get the peace of mind offered by Nimbla insurance cover.