We recognize and empathize that many businesses are experiencing financial hardship as a direct result of COVID-19 and it is our goal to work with you on a solution suitable for all parties.
Deferral of premium payment
We have received several inquiries regarding deferring premium payment. The decision to allow a deferral of premium payment is made by the insurance company. Insurers have not been consistent regarding offering premium payment deferral options. Some insurers have said they will attempt to work with clients by pushing out payment deadlines for one or two weeks only. Other insurers are maintaining payment requirements. Insurance companies, unlike other financial institutions, do not have collateral or assets they can attach to, which makes requests for premium payment deferral difficult for them to manage. We continue to advocate on behalf of our clients for flexibility with payment terms.
We offer premium payment plans. Monthly premium payments plans have become very popular. We can look at options direct from the insurance company or we work with specialized premium finance companies. Finance programs are subject to interest or finance fees which vary with the amount financed and the payments can be structured over 9 – 12 months. Speak with your Account Executive if you’d like to discuss payment plan options.
How can I learn more?
We are working closely with all our clients and insurance company partners to understand how payment options are impacted during these unprecedented times. We will continue to advocate on behalf of our clients and will share information we feel is relevant and timely.
Click here to view our Frequently Asked Questions – COVID-19 and Your Business Insurance – FAQ
Click here to view our Payments page