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Reading: IMAA Launches Trade Credit Insurance Group Deal For Members
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B&T > Media > IMAA Launches Trade Credit Insurance Group Deal For Members
Media

IMAA Launches Trade Credit Insurance Group Deal For Members

Rochelle Burbury
Published on: 26th August 2021 at 10:27 AM
Rochelle Burbury
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The Independent Media Agencies of Australia (IMAA) today announced that its world-first trade credit insurance group deal for IMAA members is now live, with 25 member agencies signing up.

Trade credit insurance protects agencies from bad debts including unpaid invoices caused by client bankruptcy and receivership, default, political risks, and other reasons.

The policy is usually commensurate with the value of advertising spend and the payment terms agreed with each client. Although rarely used, it is one of the highest costs for indie media agencies.

The group deal, successfully brokered by the IMAA, will see its members save up to 75% in some cases with a major Australian owned insurance group.

IMAA general manager, Sam Buchanan, said: “This is a major win for the independent media agency sector to help substantially reduce one of an agency’s biggest costs.

“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, especially with ongoing snap lockdowns playing havoc with indie agencies’ operating costs.

“Reducing this cost will ensure that the independent media agency sector remains a vibrant and vital part of Australia’s economy now and into the future.

“We are looking at a number of other group deal arrangements for our members, which will be announced shortly.”

IMAA Chairman and Sandbox, media director Ant Colreavy said: “Many independent agencies were impacted during the COVID-19 pandemic, which saw some trade credit insurers effectively penalise Australian-owned businesses as ‘de-risked’ themselves.

“Limiting the amount of trade credit meant that agencies were left with no other option than to ask their clients for cash upfront or carry the exposure themselves.

“This new group deal is a massive win for IMAA members and one which will make us all sleep better at night.”

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TAGGED: imaa, Sam Buchanan, The Independent Media Agencies of Australia
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Rochelle Burbury
By Rochelle Burbury
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Rochelle Burbury is an award-winning journalist and editor with over 25 years of experience in media and communications.  She is the former Marketing & Media Editor for B&T as well as the Australian Financial Review, The Australian, and The Sydney Morning Herald, and Consulting Editor for AdNews. In 2023, she won B&T's Best of the Best in PR and in 2024 featured in the B&T Women in Media Power List. Rochelle’s extensive experience makes her a valuable contributor to B&T.

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