"Economic pressures are driving caution among many businesses who are urgently seeking ways to protect against insolvency and protracted default of customers, so we have seen a significant increase in funding applications that include bad debt protection."
"For many, it's no longer about simply protecting against one or two problematic debtors, and we are seeing more SMEs covering their entire sales ledger, which indicates the extent of supply chain pressures today."
The average amount owed to SMEs in unpaid invoices has increased to £66,770, a 10% rise year-on-year. 30% of SMEs have written off nearly £30,000 due to customer insolvency. Demand for Bad Debt Protection (BDP) is surging, with 60% of new business prospects opting for it in 2025. Businesses are now protecting their entire sales ledger, indicating a recognition of broader payment risks. Economic pressures are driving SMEs to seek protection against insolvency and payment delays, with 62% reporting longer payment times from customers.
Read at London Business News | Londonlovesbusiness.com
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