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Bad debt insurance covers the insurer against the losses if customers fail to meet their financial requirements.
Regardless of whether you are expanding your business into foreign markets or if you cannot assess the credit ability of your clients, bad debt insurance is vital in achieving long-term business sustainability.
By taking out a bad dept insurance policy, you are transferring the risk of payment onto the insurance provider which enables you to focus on your main business, having in mind that you will be able to receive payment in accordance with the provisions in the insurance policy, in case your buyer is unable to pay.