Insurance Premium Finance | Premium Financing | FAQ
Premium Finance Associates
7603 First Place, Suite B12
Cleveland, Ohio 44146
Phone: (866) FRIEND-0
Fax: (866) 839-3090
info@premiumfinance.net

Frequently Asked Questions About Premium Finance

Most insurance agencies utilize insurance premium finance

Who is Premium Finance Associates?

Premium Finance Associates is an Internet premium finance company backed by some of the strongest lenders within the premium finance industry. As with most premium finance companies, commercial lenders provide Premium Finance Associates the flexibility to offer competitive rates and terms to their clients. What makes Premium Finance Associates different though is the use of industry leading technology and service. Our goal is to make the billing transaction as seamless as possible, all while delivering the best possible service to your insureds. It doesn't cost your company a dime to get started and the upside benefits can be enormous for both you and your insureds. Premium Finance Associates is currently available to accept business in all 50 states.

Why should I choose Premium Finance Associates over another premium finance company?

Unlike any other premium finance company, Premium Finance Associates represents several NATIONAL Premium Finance Companies. We take a consultative approach with our agent/brokers to find what their average size premium is, the types of coverage they finance, rate and term requirements to fit them with the best premium finance company in the market place. We offer your company incredible flexibility and ease of use in providing point of sale billing options to your insureds. Premium Finance Associates brings together the very best in Internet efficiency and technology and combines this with a pro-active, experienced group of customer service professionals that are trained to handle your needs. Premium Finance Associates offers a web based premium finance platform that helps companies manage their cash flow. Some of the other primary reasons include:

Benefits to your company

  • Quote and print completed finance agreements on-line 24/7/365
  • On-line account viewing, reporting and payment options for your company 24/7/365
  • Check-by-Web and Check-by-Fax options to prevent costly cancellations and rewrites
  • Competitive terms and rates
  • Revenue sharing plans for your company (not allowed in non-rebating states)
  • An automatic fax is sent to you each night detailing all new business that was booked for your company by Premium Finance Associates
  • New business production lists and graphs, cancellation percentages and pending cancellation reports are all available for you to view on-line, anytime!
  • Rolling Installment Option, increases likelihood of renewal with your agency while at the same time allows for a predictable, budgetable, monthly installment for your insured. Will eliminate the need for a large downpayment and create a 12 monthly billing cycle.

Benefits to your insureds

  • On-line account viewing and payment options for their specific loan 24/7/365
  • Maintain your existing credit capacity; your bank lines are not affected
  • Off-balance sheet financing
  • Possible tax deductible business expense
  • Consolidate multiple insurance policy premiums under one bill
  • Rolling Installment Option will create a 12 monthly billing cycle. Upon renewal, will eliminate the need for a large down payment for a more budgetable and predictable billing cycle.

How do I get set-up to finance business with Premium Finance Associates?

If you're a retail agent, general agent and/or insurance company looking to finance premiums with Premium Finance Associates the initial set-up process could not be any easier. Simply go to the Premium Finance Associates home page, click on New Agent Application and download our application. You will need to fill in this application and fax it back to us for a quick approval at (440)735-9250 along with a copy of your agency license. Once approved, we will send you an agency package along with your very own secure username and password to access quoting and account viewing.

Can I generate a premium finance agreement on-line or do I need to use software in my office?

We give you both options to choose from. With Premium Finance Associates you have the option of quoting on-line. If you wish to quote on-line, you simply need to login using the username and password provided to you upon set-up to begin quoting. Finance agreements can then be printed right from your desktop using your web browser. Once printed, simply have the insured and your agency sign the agreement (where state law permits, the agent's signature can be accepted on behalf of the insured's). Once signed, please fax the agreement to us at (440)735-9250 to get the loan boarded. We will then send out all of the correct notices and provide the insured with their payment coupons for each installment due. Premium Finance Associates is currently available to accept business in all 50 states.

Can I view account information and make payments on-line?

Yes to both questions. Our Internet account viewing service allows you to get up to date information on a specific account if you're an insured or on your whole portfolio of accounts if you're an agent, general agent or insurance company. On-line reporting and graphing such as new business production, pending cancellation and cancellation reports can also be printed and viewed. As far as making a payment on-line, you have the option of using our Check-by-Web feature. Simply select the account you wish to make payment on, choose the Check-by-Web payment option, fill in the required fields and click submit. We then process your payment just as if you mailed it to us. That's it!

Can we make payments via Fax?

Yes! We offer check-by-fax for same day processing as well. Call or e-mail Premium Finance Associates to receive a standard form for your files.

Can you withdraw installments directly from the insured's bank account?

Yes we can. We can either withdraw installments from their checking or savings account. They must sign a form that will give us permission to do so before we book the contract. Call us for easy instructions or complete the form available on the respective online platforms.

What carriers are approved for our agency to finance?

The carriers must be B+ or better rated and "lV" size or larger. If you have any questions on a particular carrier, please call and ask. As stated in our mission statement, we want to clarify expectations so as avoid potential problems in the future.

What number do we call if we have specific questions on our accounts? Marketing questions?

The following number will allow you to get in contact with our customer service or marketing department: Customer Service: (440) 735-LOAN (5626)

Looking for insurance agency acquisition, agency purchase, insurance loans, agency loans, small business loans, or a restaurant loan? Learn more about our insurance agency loan services »

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