With the Bank of England predicting UK inflation to top 4% by the year-end; reduced fuel availability crippling many areas of the UK and the furlough scheme ending, the importance of preserving cash flow has never been more relevant. So how can brokers help?
The economic impact
Both businesses and individuals are increasingly feeling the strain from the current economic environment. From a shortage of fuel to microchips; rising energy costs; the winding down of government support following Covid-19; to a lack of skilled workers, some may describe the current situation as the perfect storm.
A winter of discontent?
Whether it’s running a business or a household this is going to be a challenging end to the year on many levels with brokers’ customers looking for ways to enable and improve cash flow. Never before has it been more relevant to prioritise outgoings and meet costs in the most effective way possible. Every day running expenses such as insurance cover need to be met, but at what cost?
Good use of credit is one answer
In a hardening market where some insurance covers are increasing in cost at the point of renewal, efficient use of credit is a strong option for brokers and customers alike. Premium finance is a cost effective option allowing customers to spread the cost of insurance over convenient monthly payments providing more affordable cover and an opportunity for brokers to write more business.
Let’s work together for a better future
Premium Credit is proud to be supporting our community of broker partners and customers with a range of award winning premium finance solutions. If you’d like to find out more about the products and services we offer and how your customers can benefit from this additional line of credit, please don’t hesitate to contact one of our team.