Dispelling the myths about insurance at CWBF event

Wednesday 21st of November 2018 03:25 PM

Businesses can discover how to guard against some of the biggest financial risks facing them as suppliers at an event during the Coventry & Warwickshire Business Festival.

They will be able to gain an invaluable insight into how to best protect themselves from bad debts and product recalls at the event being hosted by the Festival’s headline partner, award-winning Inspire Insurance.

Industry experts will set out to dispel the myths surrounding the complex areas of trade credit and product recall insurance at the event taking place on Thursday, November 29, as part of the two-week Festival programme.

Coventry-based Inspire Insurance is among a minority of commercial insurance brokers in the UK able to provide cover for businesses to compensate for costly losses from the recall of products and late or non-payers.

Neil Mackey, commercial account executive at Inspire Insurance, said: “Trade credit and product recall insurance are two of the most undervalued and misunderstood policies, and yet they can be critical to business operations and ultimately survival.

“They are both complex areas and many businesses are often either unaware or do not fully understand the financial exposure they face and how they can protect against what can amount to catastrophic risks.

“We have been able to secure experts in both fields to help dispel the myths and unravel the complexities at our Coventry & Warwickshire Business Festival event, and hope businesses will take this rare opportunity to learn directly from them.”

Product recall insurance is aimed at manufacturers across a range of industries, and in the Coventry and Warwickshire region is particularly relevant to those in the automotive supply chain.

Trade credit insurance is applicable to any business offering credit terms to customers, and as well as helping to minimise the risk of bad debt can improve cashflow and increase profitability.

The event – titled ‘Who Thought Insurance Could Make You Money’ – will be held at NAEC Stoneleigh on the penultimate day of the Festival.

It is the second year of the Festival which was initiated by the Coventry and Warwickshire Local Enterprise Partnership (CWLEP) and the CWLEP Growth Hub, and features more than 100 events which are expected to attract 5,000 visitors over the fortnight.

Craig Humphrey, the CWLEP Growth Hub managing director, said: “Our headline sponsor’s event is a great example of the focus of the Festival which is businesses within our region coming together to share knowledge in order to stimulate growth.”

The Inspire Insurance event is free to attend but tickets must be reserved in advance through www.cwbusinessfestival.com or via the new ‘CWBF App’ available as a free download from Google Play or the Apple store.

Caption: Neil Mackey is pictured right with Craig Humphrey at the launch of the Coventry & Warwickshire Business Festival.