Law firms offered option to spread the cost of PII
In a PII market (Professional Indemnity Insurance) worth £3.3bn, Premium Credit is giving law firms the option to spread the cost of renewing their cover over convenient monthly instalments rather than having to pay in one, annual lump sum.
The award-winning credit facility, offered through Premium Credit’s broker partners, services solicitors and a wide range of professions including accountants and financial advisors which combined make up between 75% and 80% of the PII market.
Richard Crossland, head of credit broker – Tax, Premium Credit Specialist Lending comments: “With operational costs hitting hard after several years of record-breaking inflation, law firms of all sizes are inevitably experiencing increased financial pressure and seeking new methods to maintain cash flow.
PII can represent a significant expense for law firms, at times surpassing other business expenditures such as facilities or rent. Premium Credit offers an alternative payment solution for PII coverage that aims to provide solicitors with better control over cashflow. This allows firms to allocate their cash reserves more effectively to other critical areas of their business. Additionally, Premium Credit provides an option to spread the cost of practising certificates, which are another annual expense.”
As the deadlines for PII cover and practising certificate renewals approach for many at this time of year, working with Premium Credit is a strong option for firms looking to improve liquidity. The application process for the credit broker is straightforward and easy 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 £10m.
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 hundreds of law firms by helping them spread the cost of their PII insurance costs.
