Bad debts are an ever-present threat to many businesses, particularly in these economically difficult times. Yet far too many businesses ignore the perils of debt, while they’re happy to insure against hazards such as fire and flood. In fact, it is much more likely that a debtor will go broke than for your building to burn down.
The following article comes courtesy of Cecilia Harris and our friends at NIBA. You can stay up to date with their expert thoughts and insights into the insurance industry via their regular Broker Buzz e-newsletter.
Insolvency rates within the Australian construction industry have reached alarming heights, with a staggering 22% of total bankruptcies appearing within the building sector last year.