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Is the financial downturn biting – why pay for PII cover up front?

Brokers / 28th September 2022

With many law firms receiving Professional Indemnity Insurance (PII) renewals at this time of year, Premium Credit, through its credit broker network, is offering firms an award winning finance option to spread the cost of renewing cover.

PII can be a significant outgoing for law firms, in some cases exceeding other business payments such as facilities or rents. Premium Credit’s alternative payment method for PII cover is designed to give firms greater control over cash-flow, allowing their cash reserves to be spent more effectively in other business critical areas.

Roger Brown, Chief Commercial Officer, Premium Credit Specialist Lending commented:
“With inflation seen at historical highs and recessionary times forecast, law firms of all sizes are inevitably feeling additional financial pressure and looking for new ways to preserve cash flow.

As deadlines for PII renewals draw closer for many at this time of year, working with Premium Credit is a consideration for those businesses looking to spread the cost of PII cover to ease liquidity. It’s a straight forward, easy application process for the credit broker as they secure cover on behalf of their law firm customers.”

Unlike other funders Premium Credit does not require a deposit, there is no maximum deal / case size, with typical premium cases ranging from £10k to over £2.5M.

Premium Credit advises that it’s important to act in a timely way so firms have the opportunity to consider the best premium payment option. PII obtained using premium finance is a strong option to consider in these financially challenging times.

For more information please contact your credit broker.

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