2023 has been a challenging year for many US businesses as they face the combined effects of rising interest rates, geopolitical tensions, inflation, fluctuating currencies, and changing consumer preferences. According to statistics released by the Administrative Office of the U.S. Courts, business bankruptcy filings rose 23.3 percent, from 12,748 to 15,724 in the year ending June 30, 2023.
With bankruptcies set to rise, it is important for businesses take proactive measures to mitigate the risks of bankruptcy. One way that businesses can protect themselves is by purchasing trade credit insurance.
