Insurance Premium Finance Blog

What do General Contractors Pay for Insurance?

A general contractor is a licensed professional who takes responsibility of supplying all materials, equipment and tools for construction projects and manages all communication between the different parties involved in the project. One of the important requirements of a construction project is the use of commercial trucks. These commercial trucks may be subjected to several risks like accidents, fire, damage and so on.


How much does it cost to insure a tractor trailer?

The cost of a tractor trailer insurance is not fixed and varies from one insurance agent to another agent. Also, it is important to note that the same agent may offer different prices to different clients based on different factors. Read on to find out what factors determine the cost of tractor trailer insurance and ways to save insurance cost.


How to Properly Pitch Insurance Premium Financing to Your Clients?

Are you an insurance agent working your way up in the highly competitive and dynamic commercial insurance market? Partnering with an insurance premium financing company can be a lucrative option to keep your revenue flowing and to stay above competition.


How Insurance Agents use Premium Financing to Close More Sales?

The popularity of premium financing is growing by the day and people from varying job profiles are leveraging funds offered by the premium financing companies to cover one or more insurance policies. Superficially, the system of premium financing may appear unprofitable to the insurance agent. It may look like the insurance company that has been spending its resources to acquire potential clients as well as working to have their premiums covered does not get a piece of the pie. But, premium fin


How Insurance Agents Use Insurance Premium Financing To Close More Deals

Premium financing helps facilitate big sales. However, just like any powerful tool, it has to be used moderately and with careful precision. The definition of a big case may differ, typically if a policy is to be financed, most premium finance lenders will set a minimum annual funding limit of $100,000. For the purposes of this article, let’s use $500,000 of annual funded premium as the benchmark. Assisting clients at this premium level and with the application of premium financing requires a ca


Benefits of Premium Financing In A Competitive World

Premium financing is a way by which a company borrows the cost required to pay an insurance premium. This situation usually arises when a specific company has very high premium, which makes it necessary to borrow the sum, partially or wholly, so as to avoid reducing its liquidity. Premium financing is not the job of traditional lenders. There are specific companies specially qualified in the field of premium financing.


What are the typical premium financing rates?

Generally, premium financing is linked with variable interest rates. The interest rates are tied to an index (which may be London Interbank offered rates (LIBOR) or Prime) and therefore increase with time. Generally, the interest rates vary between 2.5% to 6% based on the lender. When the loan agreement is renewed each time, the collateral is re-evaluated and decrease in collateral value may push the borrower to pay more interest or submit additional collateral to the borrower.


How are premium finance agreements structured?

Organizations with multiple insurance policies look for third party lenders to cover the cost of premium payments. This type of financing is called premium financing and not all conventional lenders offer this option.


Struggling for More Insurance Clients?

Every commercial insurance agent has a different style of convincing their prospects and most of them follow a common sales process to acquire more leads. But, making this sales process work quicker is an effective way to serve more clients. Do you want to know how? Read on…


Powerful Insurance Agent Closing Techniques

Generally, truck insurance agents encounter a myriad number of leads but the goal is to help the customer and make the sale. As a commercial or truck insurance agent you have to ask questions, answer objections, be persuasive, and stand out from other agents. But, knowing more than one successful way to close insurance sales can help you in such difficult situations. Here is a collection of a few commercial insurance closing techniques that help you close more insurance leads.


How Commercial Insurance Agents Should Close Every Sale

It’s a true verbiage! This simple, overused verbiage is the most applicable phrase for commercial insurance sales process. No matter how great your service is, if you are not closing the deal in a timely and seamless process, your leads may end up turning elsewhere for their insurance needs.


5 Great Sales Tips for Commercial and Truck Insurance Agents

Whether you are a truck insurance agent or any other commercial lines insurance agent, your insurance goals are the same: “Get more leads and increase sales!” But, how do you find a loyal lead that really converts? Simple! Read these 5 tips to find the right leads in a short time to close more truck insurance sales.


The Secret to selling more Insurance Policies

As a commercial insurance agent, your success relies on being able to find that one small tip that could be used to drive the discussion on your favor. This is something that you should take to heart. The good news is that this is a career that will only grow as markets evolve and evolve they will! There will always be new challenges to address and that is where you and your insurance product can be a solution. Well, the secret to be able to sell more and maximize your conversion rates relies on


What is the Best Way to Sell Commercial Insurance

Prospecting (lead generation), selling and closing insurance have completely different things and are quite tough, especially if you are trying to sell a commercial insurance. There are two primary reasons for the same. Firstly, since you are selling to a business, they would be well aware of the products available in the market and you will be cross questioned at every instance. Secondly, there’s a lot of competition from other insurance brands for the same business! So, what’s the best way to


How to Sell Commercial Insurance Effectively

Given the current political, environmental and market conditions, businesses understand the necessity to get insured. The only thing that they are confused with is what kind of insurance to buy and from whom to buy it. As a commercial insurance agent, it is not that difficult to introduce your product. However, the challenge lies on your presentation, understanding of the client’s business and the competition in the market. Well, expert agents suggest that you do the following:


Insurance Agent Techniques for Closing More Clients

One of the main reasons why potential clients shy away from insurance agents is because they tend to get too preachy and begin lecturing prospects about how to best ‘insure’ their lives. Well, no one likes to be told what to do with their life and money! It is just human to automatically fight off someone who tries to force himself/herself into your life and means to take care of it. People like to buy and not to be sold policies. The choice is based on emotions which are subsequently justified


How to Find Insurance Agents

Where and how to find insurance agents? Every insurance company’s human resources and marketing departments asks this as they look for their next best talents. Though it can be challenging to know if a prospective recruit is cut out for your company, the best agents have been found in the following ways:


Best Insurance Agent Recruitment Process?

What is the best insurance agent recruitment process that will cut off this constant search and juts get me the right people? What am I doing wrong? What is the recruitment formula? If you have been asking yourself these questions, you are missing the following elements in your recruitment process. Read on to learn what the bets recruitment process entails:


How to Properly Recruit Insurance Agents

There has never been a recruitment process that is 100% foo-proof. There are hiccups in most processes. Insurance agents are the backbone of the insurance company since they make payments on behalf of clients, update policy numbers and notifications, give real-time reports, print notices and invoices, and verify funding. With these crucial tasks, agents have to be hired following strict guidelines.


Insurance Agent Recruitment Tricks

Insurance companies are always looking for the best agents who will increase their revenue. The insurance market is highly competitive and in private premium insurance companies, only the best talent has to be recruited. To do this, these insurance companies employ the following tricks:


Your Client Can't Afford His Insurance Premium, Now What?

One of the greatest concerns for an insurance agent is convincing a potential client to buy or renew an expensive insurance policy.Most novice insurance agents give up because of the challenges involved and this is a pitfall you can easily avoid.While insurance agents have been struggling with issues such as this for a while, it's possible to move away from this trend and guarantee a positive outcome in all your deals.Here are some ideas you should try out:


How Insurance Premium Financing Can Help You Get More Clients

Insurance premium financing is a type of loan that you will often see offered by financial loan companies as opposed to insurance companies and for that reason they are independent of whatever insurance deal you might make. Basically speaking, when you enter one of these agreements you will be agreeing to a loan that lasts for however long the insurance policy lasts. Once you have signed the agreement, the premium financing company that you are dealing with will pay the premium for you and then


5 Must-Know Insurance Sales Tips

If you are in the insurance business, you appreciate the importance of selling the right products to your clients at the best price. The industry is so competitive that if you make the wrong choices, you will be left with nothing to show for all your efforts. As an insurance agent, you are competing with thousands of other professionals all intent on getting as many clients as possible.


How to make insurance premiums affordable for your clients

One of the toughest tasks in the insurance business is keeping your clients happy. While you might offer the best customer experience, there is no denying that the issue of cost is the most prominent determinant in gaining and retaining clients. One of the toughest tasks for an insurance broker is ensuring the customer gets the fairest deal in the market while also making a good commission.

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