The internet has come to play a central role in how we all do business, but it also opens up your company’s data and systems to cybercrime.
Whether from a hacker, a rogue employee, a foreign government, or another source, your company is increasingly at risk of experiencing a cyberattack.
If yours is like a growing number of companies, you’ve put in place—or are at least thinking about putting in place—a cyber security program, possibly including a cyber insurance policy.
While nothing can protect you from cybercrime, a cyber insurance policy can mitigate the risk of financial damage to your company from a cyberattack and offset recovery costs afterwards.
But what about your customers? Even if you’ve purchased cyber insurance and/or taken other measures to protect your company from cybercrime, what would happen if one of your open-account customers experienced a cyberattack? Do they have cyber insurance? If not, would that keep you from getting paid?
A truly comprehensive cyber security program needs to encompass not only the direct risks to your own company but also the risk of nonpayment arising from a cyberattack on one of your customers.
You can protect your company’s accounts receivable against not getting paid for virtually any reason—including a cyberattack on your customer—with a trade credit insurance policy.
Trade credit insurance covers defaults resulting from a customer’s insolvency, liquidation, ownership change, cash flow problems, balance sheet issues, bad faith, fluctuating demand, natural disasters, general economic conditions, and other nonpayment risks.
Also known as accounts receivable insurance, the coverage does more than mitigate your nonpayment risks. It’s a sales tool that can help you win more orders and it’s a financing tool that makes your company’s receivables more attractive to lenders.
Meridian Finance Group has specialized in brokering trade credit insurance for more than 25 years. We work with every underwriter in the market, enabling us to quote the most competitive terms and premium rates. Just as significant as Meridian’s ability to place coverage is the comprehensive support we provide to our customers. Credit insurance works differently from other kinds of insurance, so Meridian assists with policy compliance at the same time as we help our clients get the most out of their coverage as a sales and financing tool.
To learn more about trade credit insurance and Meridian’s services, contact us at 310.260.2130 or send us an email at email@example.com.