When do you decide it's time for a "Collection Agency" take care of your unpaid business invoices?

In my own opinion, we should not settle for such resolution only.

Instead, preventive measures can be initiated by hiring experienced individual/s who has capability to work on such financial issues. With due respect to this type of agency,considering your current financial issue acquiring their services would also require higher cost depending on the contract agreed upon. At the end, they may able to speed up the collection but its enough to pay their services.

when the outstanding bill become more overdue and it seems to be uncoverable. we should take the next step which is collection agency or insurance companies..

When the outstanding / Bills Receivables collection cost (Current Man hours cost) becomes high and increases the risk factor for business operations then one looks at other dedicated economical options to control the BRs and the risk.