Credit insurance, or Bad Debt Protection (BDP), protects businesses by insuring their outstanding invoices against non-payment. With demand for cover likely to increase, the partnership aims at increasing the range of BDP options offered to businesses when they access commercial finance from banks and lenders using the Dancerace platform.
As well as offering full-book cover, Nimbla will also offer their ‘single invoice’ cover as part of the partnership. This will allow companies and financiers to insure specific invoices in circumstances where whole-book cover is unnecessary. Nimbla’s single-invoice policies cost from EUR 6.25 per invoice, with cover lasting up to 12 months, according to the official press release. Single-invoice insurance quotes are provided in 90 seconds via the insurer’s automated system and successful claims are paid within 30 days.
As part of the new partnership, SMEs and financiers will now be able to access both single and whole ledger insurance cover within Dancerace’s ABL software.
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