Premium Finance for Insurance Agents and Brokers
When a commercial client hesitates at the size of a renewal premium, the conversation can stall over cash flow rather than coverage. Premium financing gives your client another way to pay: a down payment up front and the balance in scheduled installments under a premium finance agreement. Premium Financial Partners Co. is an insurance premium finance company that works with insurance agents and brokers to make that option available to their commercial clients.
This page explains how working with us fits into your existing process, what we need from you, and where your client's signed agreement takes over.
What premium financing does for your client
A commercial insurance policy is usually priced as a single annual premium. Some insurers offer their own installment plans; many specialty, surplus lines and larger policies require payment in full or a substantial deposit. Premium financing fills that gap. We pay the premium to the insurer or its authorized representative on the insured's behalf, and the insured repays us under the terms of a premium finance agreement they review and sign.
For the business owner, the benefit is predictability: one agreed payment schedule instead of one large payment. For you, it can help keep a placement on track when the client is ready to buy the coverage but needs another way to pay for it.
Financing is always subject to credit and underwriting approval and to the signed agreement. Finance charges, fees, the down payment and the payment schedule are disclosed in the agreement before the insured signs.
How it works from the agent's side
The details vary with the policy and the client, but the general flow looks like this:
- 1Request a quote. Send us the policy details: insured name, line of coverage, insurer, policy term and total premium, including taxes and fees that are part of the financed amount.
- 2Review the quote with your client. Our quote shows the proposed down payment and payment schedule for that policy. Walk your client through it alongside the coverage proposal so they can compare it with paying in full or using an insurer installment plan.
- 3Prepare and sign the premium finance agreement. The insured reviews and signs the agreement. As the agent, you complete your portion, such as confirming policy information.
- 4Collect and remit the down payment as the agreement and our instructions describe.
- 5Funding. After the signed agreement and required items are received and approved, we pay the financed premium to the insurer or its authorized representative.
- 6Servicing. The insured makes payments to us under the agreement. Insureds can pay through the insured portal or the other methods on our How to Make a Payment page. Agents can sign in through the Agent Login.
What to have ready when you request a quote
- Named insured and business address
- Line(s) of coverage and policy number, if issued
- Insurer and, where applicable, the wholesaler or MGA
- Policy effective and expiration dates
- Total premium, plus any taxes and fees included in the financed amount
- Whether the policy has a minimum earned premium or is auditable
Missing details are the most common reason a quote has to be redone, so a complete request saves you and your client a round trip.
Commercial lines we work with
Premium Financial Partners Co. focuses on commercial insurance. Agents commonly ask about financing for general liability, workers' compensation, commercial auto and trucking, commercial property, package policies, umbrella and excess, and specialty or surplus lines policies. Whether a particular policy can be financed depends on the policy, the insurer and approval, so send the details and we will tell you.
Talking to your client about financing
Your clients will rely on you to explain the option clearly. A few points help:
- It is a separate agreement. The insurance policy comes from the insurer. The premium finance agreement is between the insured and Premium Financial Partners Co.
- Missing payments has consequences. If the insured does not pay as agreed, the agreement may allow us, after any notice required by the agreement and applicable law, to cancel the policy on the insured's behalf.
- The agreement sets the cost. Encourage your client to read the finance charge, fees and payment schedule before signing, and to compare them with other ways to pay.
- Audits and endorsements can change the premium. If the premium goes up mid-term, how the additional amount is billed or financed depends on the insurer and the premium finance agreement. Terms vary; see the premium finance agreement.
Why agents contact us
We are a premium finance company, not an insurance company. We do not sell or underwrite insurance or give insurance advice, and we do not compete with you for your client's coverage. Our role is limited to the financing side of the transaction.
If you would like to offer premium financing on an upcoming renewal or new policy, start with a quote request on a current file.
Frequently asked questions
Do I need to sign up before requesting a quote?
Contact us to get started. We will explain what we need from your agency to set up access and how to submit quote requests and signed agreements.
Can my client finance a surplus lines policy?
Surplus lines policies can be considered. Whether a specific policy can be financed depends on its terms, including any minimum earned premium, and on approval.
Who signs the premium finance agreement?
The insured signs the agreement. The agent completes the agent section as the agreement requires. Your client should read the agreement, including the finance charge, fees and payment schedule, before signing.
What happens if my client misses a payment?
The premium finance agreement explains what happens, including any late charges, the notices the insured will receive and the circumstances in which we may cancel the policy on the insured's behalf. The process follows the agreement and applicable law.
How do my clients make payments?
Insureds can pay through the online insured portal or the other methods listed on our How to Make a Payment page.
Do you sell insurance?
No. Premium Financial Partners Co. is a premium finance company. We do not issue, sell or underwrite insurance and do not provide insurance advice.
Premium Financial Partners Co. is an insurance premium finance company. We are not an insurance company and do not issue, sell, or underwrite insurance or provide insurance advice. All financing is subject to credit and underwriting approval and to a premium finance agreement signed by the insured. Finance charges, fees, down payment, and payment terms are disclosed in the premium finance agreement before you sign. Your insurance policy may be cancelled for nonpayment in accordance with your premium finance agreement and applicable law. Rates, terms, and availability vary and are not guaranteed. Products may not be available in all states.