Credit Insurance Trade Sectors
Aon’s Credit Solutions provide invaluable risk management support and guidance to businesses trading in a multitude of trade sectors.
We can provide access to tailored credit insurance policies for your business by first getting to know how your business works and what goals we can help you achieve. Across our national and international offices, we have experienced staff with a wealth of knowledge about Credit Insurance and credit management. The trade sectors detailed are just some of the industries that that our clients operate in, where we have arranged their trade credit insurance solutions.
This level of trade sector intellect will provide you with a gateway to a high level of market intelligence, supporting growth whilst minimising the impact of business failures.
Aon UK Limited is authorised and regulated by the Financial Conduct Authority. FPNAT511
Fuel, Oil & Gas Credit Insurance
Whether you are an oil company, trader, distributor, fuel card operator or agent involved in bunkering, bad debts are an inevitable risk of doing business when trading on credit terms.
As an associate member of the UK & Ireland Fuel Distributors Association (UKIFDA) we understand the risks that affect your business and the impact that bad debts can have in a market that traditionally works on very tight margins.
Through our regular work within fuel credit circles and particularly the Petroleum Distributors Intelligence Unit, which we were instrumental in setting up, we have a considerable insight into the issues where Credit Insurance can help.
The peace of mind that Credit Insurance provides, along with access to skilled risk analysts who specialise in the fuels sector and the buyers of fuel, could prove an invaluable addition to your existing credit management processes. The access to up to date credit information from both within the UK and overseas always ensures that you are trading not just on reputation, but with the knowledge insurers know and have met with your major customers.
Having had arranged Credit Insurance for many businesses in the UK fuel oil sector and with a dedicated ‘Fuel Team’ supporting clients in this sector, Aon have the access to tailored products that will meet your individual needs, recommend the most appropriate insurer and address those issues which uniquely affect your sector.
IT Channel Credit Insurance
Whether you are a Tier 1/Tier 2 Reseller or Distributor, the risks of non-payment or indeed business failure are unavoidable risks of trading on credit terms within the IT Channel.
We appreciate that margins can be tight and therefore great emphasis is placed on effective risk management processes to mitigate the risk of non-payment and to protect the P & L contribution.
In supporting a high number of Resellers and Distributors, we have a considerable insight into the issues where Credit Insurance can help.
The peace of mind that Credit Insurance provides, together with a gateway to skilled risk analysts who specialise in the IT Channel, could prove an invaluable addition to your existing credit management processes. The access to up to date credit information from both within the UK and overseas always ensures that you are trading not only on reputation, but with the knowledge insurers know and have met with your major customers.
With over 20 years experience working with Resellers and Distributors, Aon’s Credit Solutions team can arrange tailored products to meet your individual needs, recommend the most appropriate insurer and address those issues which uniquely affect businesses trading in the IT Channel.
Non Food Retail Credit Insurance
The retail sector has faced many challenges over the last few decades, but the most recent may have the largest impact of all.
Changing consumer behaviour, lack of consumer confidence and the impacts of the COVID-19 pandemic have left many retailers with fierce price competition, falling margins and store closures. This is placing significant pressure on cash reserves and the ability to meet supplier credit terms and quarterly rent payments.
Through our regular work within Retail credit circles and particularly the British Home Enhancement Trade Association (BHETA), which we co sponsor, we have a considerable insight into the issues where credit insurance can help.
The peace of mind that Credit Insurance provides, together with a gateway to skilled risk analysts who specialise in the Retail sector, could prove an invaluable addition to your existing credit management processes. The access to up to date credit information from both within the UK and overseas always ensures that you are trading not only on reputation, but with the knowledge insurers know and have met with your major customers.
With over 20 years experience working within your sector, Aon’s Credit Solutions team can arrange tailored products to meet your individual needs, recommend the most appropriate insurer and address those issues which uniquely affect businesses supplying into the Non Food Retail arena.
Media & Advertising Credit Insurance
Media and advertising is one of the most fast-paced and constantly evolving trade sectors with developments such as:
- Rise of the Digital Platform – Companies and organisations are giving digital marketing channels precedence over traditional media formats.
- Mobile and Tablet Boom – We have become a world of Smartphone users and Tablet carriers. This is changing the way we are accessing our information & news and businesses are running specific campaigns to these users.
- Social Networks as Search Engines – In the past few years, small and business technology firms began to use social networking more often in marketing their products and we are likely to see this trend become even more dominant.
The peace of mind that Credit Insurance provides, together with a gateway to skilled risk analysts who specialise in Media and Advertising, could prove an invaluable addition to your existing credit management processes. The access to up to date credit information from both within the UK and overseas always ensures that you are trading not only on reputation, but with the knowledge insurers know and have met with your major customers.
With over 25 years experience working within Media and Advertising, Aon’s Credit Solutions team can arrange tailored products to meet your individual needs, recommend the most appropriate insurer and address those issues which uniquely affect businesses trading in the Media and Advertising sector.
Construction Credit Insurance
The construction industry is a significant industry to the UK economy, accounting for 6% of GDP and employing approximately 7% of the UK workforce.
As such, the competition for contracts is fierce, putting pressure on profit margins, payment terms and cash flow. In 2019, the top 100 contractors made on average a 2.1% margin, and over 10% made losses.
We have seen some noticeable insolvencies over recent years including Carillion, Hawk Plant and Herbert T Forrest. The domino effect of the failure of a large contractor can carry all the way through the supply chain with specialist and finishing trades such as mechanical & electrical and roofing & cladding particularly at risk.
The peace of mind that a construction Credit Insurance policy provides, together with a gateway to skilled risk analysts who specialise in construction, could prove an invaluable addition to your existing credit management processes. The access to up to date credit information from both within the UK and overseas always ensures that you are trading not only on reputation, but with the knowledge insurers know and have met with your major customers.
Aon’s Credit Solutions team can arrange tailored products to meet your individual needs, recommend the most appropriate insurer and address those issues which uniquely affect businesses trading in the construction and allied sectors. Why not request a credit insurance quote or contact us for more information?
Steel Stock Holders Credit Insurance
The UK steel industry saw a crisis in Autumn 2015 with reductions in capacity or closures at major plants in Scotland, South Wales, Redcar and Scunthorpe. .
The industry has seen substantial job cuts and losses as a result of large company failures within the sector. In 2016, 32,000 people were employed in the UK steel sector, which is approximately one tenth of the early 1970s level. The steel industry has been hit by a combination of factors: a fall in international demand for steel combined with a continued growth in production has resulted in excess stocks on the international market, resulting in the reduction of steel prices. With overheads in the UK higher than in some other countries, this has magnified the comparative expense of steel produced in the UK.
Demand for steel worldwide has not returned to the levels seen before the financial crisis. As many countries, and particularly China, are seeing weak growth, global demand has been sluggish and Global steel prices have fallen sharply. Meanwhile, China’s own economic slowdown has led its producers to look for export markets as their home demand stalls. As a result, UK imports of Chinese steel have increased dramatically. While it is true that the UK’s steel imports from the rest of the EU are much higher, China is selling its steel at much lower prices. Steel imports into the UK from the rest of the EU cost on average €897 a tonne, while Chinese steel imports for the same period were just €583 a tonne, according to Eurostat.
If the industry was to shrink further there will be an impact in other allied sectors – steel processors, distributors, scrap metal dealers, metal traders and other metal product manufacturers.
The peace of mind that Credit Insurance provides, together with a gateway to skilled risk analysts who specialise in steel and other metals, could prove an invaluable addition to your existing credit management processes. The access to up to date credit information from both within the UK and overseas always ensures that you are trading not only on reputation, but with the knowledge insurers know and have met with your major customers.
Aon’s Credit Solutions team can arrange tailored products to meet your individual needs, recommend the most appropriate insurer and address those issues which affect businesses trading within the Steel Sector.
Printing, Paper & Pulp Credit Insurance
A very large threat to the Print industry continues to be the substitution of print by electronic media such as e-books, electronic catalogues/directories, e-marketing campaigns, and web-based magazines and periodicals.
There should still be opportunities available to those printers who are able to invest in technologies that enable them to integrate web and print solutions. This would obviously take major investment which may prove difficult or expensive if banks are not able to provide lending.
Low barriers to entry in this sector leads to overcrowding and this is being exacerbated by the move towards digital media from print. Reliance on heavy capital expenditure typically leads to high gearing and pressures on margins in an increasingly competitive market make debt service an issue for many SME businesses.
Recent failures include: Polestar, Artisan Press, PPG Design and Print, PaperlinX and Tullis Russel.
The peace of mind that Credit Insurance provides, together with a gateway to skilled risk analysts who specialise in the Printing sector, could prove an invaluable addition to your existing credit management processes. The access to up to date credit information from both within the UK and overseas always ensures that you are trading not only on reputation, but with the knowledge insurers know and have met with your major customers.
With over 20 years working within the Printing sector, Aon’s Credit Solutions team can arrange tailored products to meet your individual needs, recommend the most appropriate insurer and address those issues which uniquely affect businesses trading within the Printing, Paper and Pulp sectors.
Food & Drink Credit Insurance
As affiliate members of the Food and Drink Federation, Aon has significant involvement in this complex and diverse sector.
Whether you are a producer, supplier, manufacturer, distributor or processor, directly involved in the Food and Drink sector, or a company providing services to these businesses within the UK or overseas, we understand the risks that affect your business and the impact non-payment can have.
Through our network of existing customers and close insurer relationships we have a considerable insight into the issues which Credit Insurance can help.
The peace of mind that Credit Insurance provides, together with a gateway to skilled risk analysts, who specialise in the Food and Drink sector, could prove an invaluable addition to your existing credit management processes. Access to the latest credit information from both within the UK and overseas always ensures that you are trading not only on reputation, but with the knowledge insurers know and have met with your major customers.
Aon’s Credit Solutions team can arrange tailored products to meet your individual needs, recommend the most appropriate insurer, and address those issues which uniquely affect you and your sector.
Recruitment Credit Insurance
Recruitment companies involved in Contracting or Temporary labour will usually have an anchor on growth as a result of having to pay wages long before the client has paid the invoice for the labour provided.
A signed timesheet is widely regarded as a solid base for a debt and the receivables finance market is always keen to provide funding solutions to cover the time between the employee being paid and payment of the invoice from the client.
Credit Insurance is almost always the third ingredient in this funding circle. The debt may be undisputable, but it is still only as good as the strength of the client company. A properly construed Credit Insurance policy will not only cover a debt after it has been invoiced but will also look at the potential loss which may arise in respect of unsigned timesheets at the point of insolvency, something not always covered by all Debt Protection arrangements.
Many companies using Contractors will choose to only accept one provider sometimes referred to as a Consolidator, which may create a situation where a very well rated client has moved the credit risk to an agency with a comparatively low credit rating and weak balance sheet. Knowledge and understanding are the keys to providing more cover than a rating would normally justify.
Aon have been working with Recruitment companies and Invoice Discounters for very many years and a client base including over 80 Recruitment companies proves testament to our expertise in this rapidly growing sector.
Transport & Distribution Credit Insurance
Whether you trade solely with businesses in the UK, in Europe or worldwide, bad debts are a constant risk of doing business when trading on credit terms.
Pressures on margins, further stretched when fuels costs increase, make the impact of a bad debt even more acute and the peace of mind Credit Insurance provides, along with access to skilled analysts who specialise across the many sectors you might trade with, could provide a valuable addition to your existing credit management processes. The access to up to date credit information from both within the UK and overseas always ensures you are trading not just on reputation, but with the knowledge that insurers know and have met with your major customers.
With over 25 years experience working in your sector and with clients in sectors into which you provide services, Aon’s Credit Solutions team can arrange tailored products to meet your individual needs, recommend the most appropriate insurer and address those issues which uniquely affect you and your sector. We recognise where you also store goods for customers, therefore we will ensure your policy is priced and designed to reflect your charges and liens over their products. Where you pay import duty and VAT on behalf of your customer we will, where required, extend the scope of cover to include these. We can also arrange your VAT & Duty Deferment Bonds with our Surety Department.
As a specialist broker to UK Fuel Suppliers and with a dedicated ‘Fuel Team’, Aon’s Credit Solutions can assist in maximising your credit lines for your fuel whether purchased by fuel cards or in bulk.
Whether you are looking to set up a new policy or would like to find out whether Aon can help you get the most out of your existing policy, contact us to speak to one of our specialist brokers.
Metals Recycling Credit Insurance
Whether you are a ferrous or non-ferrous metals recycler, or trading with a company that operates in this sector, bad debts are a constant risk of doing business when trading on credit terms.
Aon are an accredited member of the British Metals Recycling Association (BMRA), the UK association for ferrous and non-ferrous metal companies representing some 250 businesses from multinationals to small family-owned enterprises.
Through this membership and our many clients in, and trading with, the metals sector we understand the risks that affect your business and the impact that bad debts can have on your business.
The peace of mind that Credit Insurance provides, along with access to skilled risk analysts who specialise in the ferrous and non-ferrous metal recycling arena, could provide an invaluable addition to your existing credit management processes. The access to up to date credit information from both within the UK and overseas ensures that you are trading not just on reputation, but with the knowledge insurers know and have met with your major customers.