The Independent Media Agencies of Australia (IMAA), the national not-for-profit industry association for the independent media agency industry, has celebrated the ongoing success of its landmark trade credit insurance group deal.
The deal now offers industry-best insurance rates, and the association is preparing to announce additional group deals next month.
The world-first trade credit insurance deal, introduced in 2021, protects independent media agencies from bad debts. Since its inception three years ago, more than 40 agencies have signed up for the program, which now offers the cheapest insurance rates industry-wide.
Under the agreement, IMAA members currently save up to 78% on their trade credit insurance policies, with an industry-best rate and an excess of $2,500 – lower than any other in-market.
IMAA CEO, Sam Buchanan said the trade credit insurance group deal, now heading into its fourth year, had fundamentally changed the credit insurance landscape.
“This program has evened the playing field for Australian independent media agencies, allowing them to save thousands of dollars on vital insurance every year,” he said.
“Since its 2021 inception, the deal has gone from strength to strength – not only does it now offer the cheapest industry rates for IMAA members, but it has also driven down insurance rates across the broader media industry”.
“It’s an astonishing result in just three years, particularly in the current business environment. Insurance is a hefty ongoing cost for agencies, but it’s a critical part of the business – this program has made a huge difference to agencies’ budgets and given them peace of mind as they operate in an ever-changing world”.
The IMAA now offers a variety of heavily reduced insurance policies for members, including professional indemnity, cyber insurance, directors and management liability, public and product liability, property damage and loss of revenue/profits, and corporate travel – one of the more significant expenses for agencies. The reduced rates include policy savings for tailored risk management and insurance solutions.
The IMAA is set to launch the next phase of its group deals for members in May, taking its total member deals to 60. Since its inception, the organisation has secured a raft of major group deals for its members, including savings on industry reporting tools, HR, management, data, and out-of-home verification.
Currently, there are more than 40 deals available to the IMAA’s 160-plus members.
