With many law firms receiving Professional Indemnity Insurance (PII) renewals at this time of year, Premium Credit, through its credit broker network, is offering an award winning finance option so solicitors can 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. Premium Credit is also offering an option to spread the cost of practising certificates, another annual cost.

Karl Leitelmayer, Sales Director – Professions, Tax & Leisure, Premium Credit Specialist Lending commented: “With inflation riding high and operational costs biting, law firms of all sizes are inevitably feeling additional financial pressure and looking for new ways to preserve cash flow.

As deadlines for PII cover and practising certificate renewals draw closer for many at this time of year, working with Premium Credit is a strong option for those businesses looking 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 many other funders Premium Credit does not require a deposit, there is no maximum deal / case size, with typical PII premium cases ranging from £10k to over £2.5M.

As a purpose-led business with a vision to be the ongoing, leading provider of instalment finance Premium Credit advises that it’s important to act in a timely way so firms have the opportunity to consider the best payment options for their businesses. Last year Premium Credit supported over 1000 solicitor firms by helping them spread the cost of their PII insurance costs.

For more information please contact your credit broker.