Credit Insurance

Protect yourself against potential defaults by your customers.

  • 2 It covers non-payment or final bankruptcy of your debtors.
  • 2 Fixed cost from the start, with no surprises in the quarterly settlements.
  • 2 Without having to declare monthly sales.

What does it cover?

  • Customer rating and prospecting
    • Determine the risk of current or potential customers.
    • Flat fee for rating customers: it will allow you to explore the market by knowing the credit rating of its potential customers.
    • You can rate from 100 to 500 debtors per year, based on the sales volume. 
    Recovery

    The Solunion insurance company offers a network of local experts throughout the world who, on your behalf, will be able to:

    • Accelerate the repayment terms for debts.
    • Save time and internal resources.
    • Manage the recovery to recoup losses.
    • Cover defense expenses at the percentage of sales insured.
    • Manage claims with a team of specialized lawyers.
    Compensation
    • Guarantee your sales and the continuity of your business by avoiding potential problems with non-payments.
    • You will be able to accept new orders without risks or worries.
    • In the event of a definitive non-payment, the Company compensates for this non-payment at the coverage percentage.

    The general coverage covers 85% for debtors with a grade between 1 and 6.

    Coverage for unidentified debtors is provided on sales of up to €2,000. It covers 50% of the customers you have in the portfolio who are not rated.

    See the coverage limits

How does it work?

  • The Credit Insurance policy is purchased through the Solunion Credit Insurance company, which provides the following services:

    • Solunion will rate your customers based on solvency criteria and assign them an internal indicator, or grade.
    • You will have to request a rating for your customers and Solunion will set a credit limit based on each customer's grade.

    Find out about the types of grades.

Rates your customers with a grade to protect your sales on credit.

Choose the most suitable option

  • Personalize the Credit Insurance policy based on your needs:

    • General policy: customer prospecting and monitoring, recovery and compensation in case of non-payment.
    • General Policy + Module for unidentified customers: in addition to the above, it also includes the possibility of buying coverage for customers without a grade.
    • General Policy + Annual aggregated deductible: it includes the services of the general policy and the possibility of bearing a certain amount of losses annually that are not covered. After that amount, Solunion would make payment on the claims.
    • General policy + Module for unidentified customers + Annual aggregated deductible: it includes the conditions of the three options.

What are the requirements?

    • You must be self-employed with a business activity or an SME or company with a turnover between €100,000 and €5,000,000.
    • The maximum insurable sales term is up to 120 days.
    • You must be rated by Solunion with a grade between 1 and 7. If this Grade is 8, 9, 10 or NA, you will not be able to take out Credit Insurance through this policy.
    • Customers in the rental, software, jewelry, construction, metal, retail and textile sectors cannot purchase this policy (for these sectors, the quotes are tailor-made).
    • The countries covered are: Austria, Belgium, Canada, the Czech Republic, Denmark, Estonia, Finland, France, Germany, Hungary, Ireland, Italy, Luxembourg, Malta, the Netherlands, Norway, Poland, Portugal, Romania, Slovenia, Spain, Sweden, Switzerland, the United Kingdom, the United States.

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