Although NAP Industries has been in business for nearly 60 years, they aren’t immune from the unexpected. In early 2019, one of their largest customers suddenly declared bankruptcy—and to say the bankruptcy was a surprise would be an understatement.
“We didn’t know about [the customer’s] problems,” said Freund. Since this customer considered NAP to be a critical supplier, they had always paid on time.
Fortunately for Freund, he had Euler Hermes on his side and knew he would be protected from this catastrophic loss. And although he was surprised by the swift decline of this large account, he wasn’t concerned. He had a reliable team to assist him through the process so he could focus on growing through the disruption.