Insurer Atradius has launched a new product to help small businesses manage their trade credit.

Modula SME targets businesses with sales of up to £5m. It offers to pay 90% of any losses incurred, a fixed price with 5% discount for advance payment and 5% no-claims bonus on renewal. It has a 21-day cooling-off period and requires a one-off annual turnover declaration only.

P&H CEO Chris Etherington criticised "fairweather" insurers for failing to back retailers. P&H had "ditched" companies, he said, choosing to back "the people who backed us" instead.