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The risk of a business failing has historically been a coverage insurance carriers have assiduously avoided. Other than trade-credit insurance and limited credit-enhancement policies, the risk of default of a business is typically borne by the business owner.

And in today’s lending environment, as banks look to mitigate their own exposures to risk, nearly all small and midsize business owners must sign a personal guarantee to secure financing. The result is that if the business fails, the business owner’s personal assets are used to cover the loss.

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