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On Friday, March 10, 2023, the second-largest bank failure in US history occurred. The Silicon Valley Bank (SVB), a staunch supporter of the startup community, was shut down by California regulators, with the Federal Deposit Insurance Corporation (FDIC) acting as the bank’s manager. While it appears that the $250,000 FDIC limit on insured accounts has been lifted with the federal government’s promise to make all depositors “whole,” many founders remain rightfully concerned.
As we wait for the dust to settle and watch the impact on the economy as a whole continue to evolve, we trust the startup community. For founders and business owners, this is just another bump in the road, another leap of faith, another unprecedented time. And yet, we are here. The path you are on, chasing your dreams, turning the markets around and making the world a better place, is dangerous.
Although Embroker did not have funds in SVB, we took immediate steps to support our community of startups and small business clients affected by the collapse of SVB. We have been in touch to reaffirm our stability during this moment of uncertainty, obtained prompt legal advice for our clients if needed, and briefed them on our claims process. Then, when financial fraud and cybersecurity concerns arose, we reached out again to offer tools, tips, and steps that could be taken to mitigate the risk of social engineering and ransomware incidents.
Given the anxiety and fragility of this moment, it was imperative to us that our clients know that we are strong, ready and ready to support them during this time of uncertainty. After all, isn’t that what you expect from a trusted partner to help you identify your company’s risks?
We work closely with our banking partners, the cybersecurity team as well as our clients to make sure we can provide them with support, resources and most importantly advice on the best insurance to get through uncertain times.
In such times it is easy to succumb to the unpredictability, the unknown. But startups have always demonstrated amazing resilience, and this is especially true now. The possibility of what your ideas can do is always worth the risk. At Embroker, we make risk a lot easier. Not only for you, but for everyone.
Thank you to our partners and teams for continuing to support our customers.
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