Are receivables risks preventing your company's growth? You should probably get accounts receivable insurance. Listen in as Martin and Khalil welcome Risk Management consultant Scott Stone to discuss the process and benefits of obtaining Accounts Receivable Insurance.Time Stamps00:37 - Episode Intro02:46 - How Scott Stone Got Into the Insurance Business05:09 - Insuring Your Accounts Receivables06:32 - Extending Credit From B2B Transactions08:16 - How Much Does Receivables Insurance Cost10:34 - Receivables Insurance Coverage15:30 - Credit Risk Underwriting Process21:35 - Types of Coverages for Smaller Jobs23:34 - 4 Different Qualifiers27:07 - Advantages of Getting Insured32:20 - How Do Banks Treat Uninsured AR vs. Insured AR?36:59 - Examples of How Receivables Insurance Benefited Businesses48:40 - Claim Settlement 50:09 - Receivables Insurance as a Credit Enhancement55:00 - Post-pandemic Economic Challenges1:02:45 - B2C Risk Mitigation Options1:06:46 - Episode Takeaways1:07:27 - How to Reach Scott StoneQuotable Moments"If you're a company that is extending credit, whether it's for goods, tangible items, or for services you provide, you could potentially be a client and have credit insurance.” - Scott Stone“Our policies are extremely customizable. It's not one size fits all.” - Scott Stone“Slow pays are always slow pays until they become a no pay. And when they become a no pay is when you turn it over to us.” - Scott Stone“A lot of people are excited about the sales opportunity, but they fail to think, what’s these people's ability to pay me?” - Scott Stone“Insurance is something that you need to buy when you don't need it. Because when you need it, you can't buy it.” - Scott StoneCallRail Free Trial AccountSign up for CallRail's 14-day free trial to begin tracking and reporting on calls and forms all in one place. No credit card required.ResourcesNeed Marketing Help? We Recommend BenaliWatch On YoutubeFollow On Social: LinkedIn, Facebook, InstagramSubscribe To Our Newsletter, The CountdownHave Questions? Email usMore from Scott StoneEmail Scott Call: 847-736-6447More from Martintheprofitproblem.comannealbc.com Email MartinMeet With MartinLinkedInFacebookInstagramMore from Khalilbenali.com Email KhalilMeet With KhalilLinkedInFacebookInstagramMore from The Cashflow ContractorAsk Us A QuestionSign Up For A Free Consultationthecashflowcontractor.com Email The Cashflow ContractorLinkedInFacebookInstagram
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If you’re like most contractors we know, then you started your business because you’re passionate about and great at your craft. You also wanted to be your own boss. Owning a business has a lot of advantages, but also a lot of challenges.
We started this podcast to talk about things that matter to you as an owner, like business fundamentals, sales processes, marketing, leadership, and much more. Armed with knowledge, you’ll be able to reach your goals, whether that’s growth, getting your shop to run without you, or anything in between.