CommercialApril 24, 2020

Premium Finance: A potential lifeline during the Coronavirus Pandemic

The COVID-19 crisis has left no business or household unaffected with many people experiencing unprecedented challenges both personally and financially. We are working closely with our partners in the industry to highlight any strategies or tried and tested methods that may assist in supporting our customers through this difficult period.

We therefore wanted to place a spotlight on the payment instalment facility we have in place with Close Brothers Premium Finance.

Crucial Cashflow Management

Premium Finance through Close Brothers PF is designed to help both personal and commercial clients to ease cashflow by paying their insurance premiums in regular instalments while being able to preserve their capital in the event they need to use their funds elsewhere.

How Premium Finance Works?

If you decide to pay by premium finance, the set-up process couldn’t be easier. Once we arrange your insurance policy and you opt to pay by premium finance, we will provide you with all the details relating to the number of instalments, interest rate and any applicable charges.

Once you are happy to proceed you will be provided with a credit agreement to sign and subject to any applicable credit reference checks and following the acceptance of the agreement from Close Brothers and payment of any applicable deposit, they will collect your insurance premium plus interest and any charges in regular instalments by Direct Debit.

Why Use Premium Finance?

In addition to the benefits of having improved cash flow, paying by premium finance helps ensure customers have the required level of insurance cover without being held back by the upfront cost. Additionally, multiple insurance policies can be attached to a single premium finance agreement, allowing for a single payment plan.

What To do Next?

Whether you are an existing customer renewing your annual insurance or someone looking to take out cover with us for the first time, please do not hesitate to contact us to ask about the option of paying by premium finance when your premium falls due.

If you would like more information about paying by premium finance or if we can help you with any other question you may have, please contact one of the team on 01524 848506 who will be more than happy to help.