The British Insurance Brokers Association (Biba) says the credit insurance scheme is a positive step from the government.
Under the new scheme, businesses whose credit insurance has been reduced since the start of April can claim up to £1 million in top-up business insurance cover.
The programme has received mixed reactions since it launched, with Jane Milne, business director of the British Retail Consortium, saying it will only give short-term help to companies.
However, Biba has backed the business insurance scheme, saying it is "definitely" too soon to say whether it is working.
Eric Galbraith, chief executive of Biba, said: "For those who need that to make sure that they've got the [capital] in place, the top-up scheme will be there to help them get the right level of cover."
The expert admitted that some members have raised concerns about the amount of extra work which will be created in the new business insurance scheme.
