By Robert Hawthorne, president, Accounts Receivable Risk Management, LLC
The ongoing economic crisis is driving sales of a product that is new to many agents: trade credit insurance. This product, used extensively overseas but underutilized in the U.S., presents agencies with a great opportunity.
Many agents who have been selling insurance all their lives don't know about credit insurance. It's a way for businesses to protect their accounts receivable (A/R)—in other words, their outstanding invoices. If a customer should default, refuse to pay or somehow be unable to pay, the policyholder is entitled to coverage under the policy.
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