Protecting Your Business, and Your Bank Account, in Case Clients Don’t Pay (Published 2016)

Michael Chen, president of Myco Furniture in Houston, said he had been using factors — groups that buy a company’s receivables at a reduced rate — but switched to credit insurance through Euler Hermes as a way to cut costs and be more selective in what the company insured.

James Daly, president and chief executive for United States operations at Euler Hermes, said that rates varied, but someone insuring $1 million in receivables through the company’s Simplicity plan could expect to pay an annual premium of around $7,000.