IMAA: 25 agencies sign up for trade credit insurance deal
“This is a major win for the independent media agency sector to help substantially reduce one of an agency’s biggest costs," IMAA General Manager, Sam Buchanan, says.
A new trade credit insurance deal that protects indie agencies from clients defaulting or going bankrupt has signed 25 members, the Independent Media Agencies of Australia says .
What you need to know:
- 25 agencies have signed up to the IMAA’s trade credit insurance group agreement.
- IMAA general manager Sam Buchanan says it is a “major win” for the IMAA.
A new credit insurance deal organised for members of the Independent Media Agencies of Australia has been described as a “major win” after 25 agencies signed up.
Trade credit insurance protects agencies from bad debts incurred from unpaid invoices or clients going bankrupt and into receivership, for example. The policy and costs are usually related to the value of advertising spend from each client, and it is often a high cost for indie agencies that choose to use it.
The group deal, brokered by the IMAA, sees members save up to 75 per cent with a major Australian-owned insurance group.
“We have brought to fruition a world first trade credit insurance group agreement with an Australian owned insurance company and our members have jumped at the opportunity,” IMAA General Manager Sam Buchanan said, “especially with ongoing snap lockdowns playing havoc with indie agencies’ operating costs.”
