From inflationary pressure to a significant drop in output and fluctuating interest rates, the UK construction sector has faced considerable challenges in 2023. These issues have had a direct impact on project costs and the financial stability of businesses within the industry.
In this blog, our experts from PIB Insurance Trade Credit explore the predicted challenges of 2024 and how it’s possible to navigate these uncertain times and protect your construction business with trade credit insurance solutions.
Potential strains on financial stability
As payment performance has returned to pre-COVID patterns and with longer delays reported, there is increasing pressure on suppliers’ working capital cycles.
There is also increased uncertainty and strain ahead of the next parliamentary elections and the ongoing cladding crisis which further add to the construction sector’s struggles.
How to safeguard your construction business with trade credit insurance
While the forecast for 2024 might seem daunting, there are proactive measures you can take to help fortify your construction business. Trade credit insurance can have a significant impact on the success of your company in the upcoming year.
By shielding businesses from insolvency risks and delayed payments, securing trade credit insurance is an invaluable solution in helping to maintain healthy cash flow, ensuring survival and growth in the construction industry.
Tailored trade credit insurance solutions from PIB Insurance
At PIB Insurance Trade Credit, we understand the numerous challenges businesses in the construction sector are currently facing.
That’s why we’re committed to providing support, to secure your financial foundation and preserve your potential. Our tailored solutions are designed to help construction businesses navigate industry complexities and mitigate risk for future growth.
For more information about the trade credit insurance options available, contact a member of our specialist team today.