The construction industry is one of the most significant industries to the UK economy, accounting for 8% of GDP and employing more than 10% of the UK workforce.
As such, the competition for contracts is fierce, putting pressure on profit margins, payment terms and cash flow. In 2017, half of the top 100 contractors made less than a 2.5% margin, and over 10% made losses.
We have seen some noticeable insolvencies over recent years including Carillion, Hawk Plant and Herbert T Forrest. The domino effect of the failure of a large contractor can carry all the way through the supply chain with specialist and finishing trades such as mechanical & electrical and roofing & cladding particularly at risk.
The peace of mind that a Construction Credit Insurance policy provides, together with a gateway to skilled risk analysts who specialise in Construction, could prove an invaluable addition to your existing credit management processes. The access to up to date credit information from both within the UK and overseas always ensures that you are trading not only on reputation, but with the knowledge that insurers know and have met with your major customers.
Acumen has the expertise to tailor products to meet your individual needs, recommend the most appropriate insurer and address those issues which uniquely affect businesses trading in the Construction and allied sectors. Why not request a credit insurance quote or contact us for more information?