INSURANCE NEWS

Keep informed with our business insurance and commercial insurance news, updated daily with the latest news articles affecting UK businesses today.

Small business insurance news: Suppliers to police warned of late payment habits

http://pictures.directnews.co.uk/liveimages/x_873_800042571_0_0_7054830_300.jpg

Companies that provide services to police have been warned that some forces in the UK fail to pay their bills on time - something that may be of concern to those with small business insurance such as credit cover.

After using the Freedom of Information Act to obtain figures on police payment habits, the Forum of Private Business discovered that certain forces paid no more than one per cent of their bills in the space of ten days and took over a month to pay over 50 per cent.

Chris Gorman, spokesperson for the forum, said: "Many [forces] appear to be making little or no effort to pay their suppliers and contractors quickly."

He added that this means suppliers to police could find themselves experiencing financial difficulties as a result.

According to Business Link, on top of small business insurance, companies concerned about not receiving payments owed could be covered with credit insurance.

This type of small business insurance protects against the threat of borrowers declaring insolvency and being unable to ever pay their debt.  ADNFCR-873-ID-800042571-ADNFCR

Archive

Knowledge centre

Latest news

16% per cent of businesses have no flexible working policy
Wednesday, February | Office insurance

Insurance warning ahead of Games
Tuesday, February | Commercial insurance