1. Check your credit limits and debtors
Many credit insurance policies are up for renewal at the end of this year. This includes credit limits, on which you pay fees. Take the time to review which limits you really need and which ones you can let lapse. Also evaluate your debtors and decide who you want to continue with based on self-assessment.
2. Avoid excessive advance payments
Are there any changes in your insured turnover? Notify us in time. That way, we can ensure that the advance notices for 2024 match your actual turnover. Please note that domestic turnover is subject to 21% insurance tax, while foreign turnover is not subject to this.
3. Apply for deferred collection in time
Companies are often less accessible around the holidays, which can lead to delayed payments. Are you running up against the deadline to start collection proceedings? Then request a postponement of debt collection from your credit insurer in time. This way, you avoid a claim being rejected.
4. Clean up your balance sheet for stronger ratios
The item accounts receivable is often one of the largest asset items on the balance sheet. Reducing this item immediately improves your financial ratios. Make sure you collect outstanding receivables and consider putting defaulters in the hands of a collection agency. Even uninsured collections can still be filed.
5. Insured turnover: give up only what is necessary
At the end of the insurance year, you declare your insured turnover to your credit insurer. You do not have to declare turnover falling under the categories below:
- Private individuals
- Cash or prepayments
- Government institutions (without political cover)
- Debtors with zero limit or negative review less than one year old
- Affiliates (such as parent or subsidiary companies)
- Based on your turnover statement, you will receive a final statement, which will settle the advance notes and determine any premium refunds.
6. Check whether your policy still suits the business
Have your business practices changed during the year? Then check whether your policy is still a good fit. Consider, for example, affiliated companies, uninsured countries or different payment conditions. By making these adjustments now, you will avoid surprises and possible claim rejections.
7. Holiday closure? Take action in advance
Does your business close for the holidays and as a result you cannot meet your policy obligations within the deadlines? Let us know. Together, we can find a suitable solution so that you remain fully covered.
With these tips, you'll be well prepared for the new year. Need help or have questions about your credit insurance? We are happy to think with you! Here's to a great 2025!
