Most important thing to any small business: getting paid.

Small businesses across the country have been faced with some significant challenges lately. Restrictions and limitations on how they can open for business have impacted staffing and their relationships with customers. Many have had to quickly figure out ecommerce, delivery, and curb-side pick-up extensions to how they sell and deliver products and services.

Now imagine managing to sort through all of that – the rapid changes and doing business in a way that perhaps wasn’t planned for – only to not get paid?

What if the revenue you were counting on didn’t come? How can you protect your business from disruptions in your supply chain or from vendors and distribution partners that you can’t control?

As organizations at every touchpoint along the supply chain continue to struggle, the likelihood that receivables will be compromised is increasing the longer the economy continues to stall and recover.

Every business needs to get paid. Not being able to do business is one thing but being able to do business and then not getting paid is avoidable.

There are two primary indicators of a healthy balance sheet – receivables and payables. Protecting your receivables with insurance has long been a sound strategy for many larger organizations, but more and more small businesses need to consider the same type of coverage.

Trade Credit Insurance is an option for small business owners and thanks to a unique partnership between Excess Underwriting and Elevate Global Insurance, it’s now more accessible, affordable, and easier to obtain.

These unique policies insure all or part of a seller’s account receivables book. The value of this ability to safeguard a business against any kind of financial default is significant.

Trade Credit Receivables Insurance is important for small businesses because it:

• Protects against risk of non-payment caused by an assortment of events including non-payment of foreign international customers
• Facilitates access to more liquidity with banks, increasing access to cash as some/most banks will lend up to 90% against insured contracts
• Frees up reserved working capital to allow continued growth
• Creates the ability to offer more competitive terms and win more contracts, without added risks

Talk to your broker and find out how you can protect your receivables.  It might be one of the most important things a business can do and the security of knowing you’re covered might just be the catalyst that helps you recover faster and more confidently.

Because every business needs to get paid. We can help with that. Find out how here.