Small Businesses and Entrepreneurs

SMALL BUSINESSES AND ENTREPRENEURS

We believe Small Businesses and Entrepreneurs are the future of Africa’s economic stability, hence we support their future of Small Businesses in Africa.

Benefits
1

Protection against non-payment of credit sales from date of delivery

2

Appropriate for companies that do not have an extremely large turnover or an established credit management team

3

Minimal administration on your part

4

Enhanced security to finance providers

 

Basic Policy Structure

Buyers covered
No buyers may be excluded; you offer your entire debtors book for cover.

Premium
Fixed amount payable monthly in advance by debit order, which will be reviewed annually.

Insured percentage
The percentage of the insured debt that will be paid by Credit Guarantee in the event of a loss.

Early settlement of a claim option
A claim under payment default, will be due for payment six months after the due date. An earlier settlement of your claim (up to three months) is advisable subject to a maximum claims value and a small reduction in the insured percentage.

Non qualifying loss
The amount that will determine whether you qualify for a claim or not.

Continuity bonus
A percentage of premium will be refunded from the end of the second insurance year; depending on the overall claims performance and the duration of the policy Government buyers and/or subsidiary/associated companies.

Admin Guide – Small and Medium Enterprise Cover
Download

Brochure – Small Medium Enterprise Cover
Download

YOU DON’T HAVE TO GO AT IT ALONE

Even when well-run and successful, the small to medium-sized enterprise can find its well-laid plans ruined by non-payments it doesn’t anticipate. Watch the video below to learn how Credit Guarantee offers the smart SME the flexibility to prepare for, and swiftly respond to unforeseen risks.

RISKS COVERED

Non-payment of an insured debt due to any of the following occurrences

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Insolvency

  • A provisional or final sequestration order granted against your insured buyer
  • The provisional acceptance by the court of a voluntary surrender of the insured buyers’ estate
  • A provisional or final winding-up order granted against your insured buyer
  • The acceptance of a statutory compromise or scheme of arrangement binding on all the insured buyers/creditors

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Payment Default

The failure of your insured buyer to pay an undisputed insured debt within three months after the due date.

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Business Rescue

The formal process introduced in terms of Chapter 6 of the Companies Act providing for the rehabilitation of financially distressed companies whereby: Your insured buyer filing a resolution to place itself under supervision or a court ordering that your insured buyer be placed under supervision.

GENERAL EXCLUSIONS FROM COVER

Government buyers and/or subsidiary/associated companies