Spreading Premium Payments

Spread the cost of business insurance by paying monthly

To help spread the cost of business insurance and allow our customers to better manage their cashflow, Coverzones offers a facility for customers to pay their premiums by monthly instalments.

How does it work?

If you choose to buy a business insurance policy with a premium of £200 or more, you will be offered the opportunity to pay by monthly instalments. Once you have selected a business insurance policy to buy, and opt to pay by monthly instalments, you will be asked to pay a deposit and the balance by monthly instalments.

The deposit is 25% of your premium and can be made by a variety of debit and credit cards. Your cover starts as soon as you pay your deposit unless you have specified that the policy starts at a later date. Please note that if you decide to pay your deposit by credit card you will incur an additional charge. For more information on credit card charges click here.

The remaining 75% of your premium is collected by direct debit. Interest is only charged on this part of your premium and the total amount payable (including the interest charges) is divided over 9 monthly instalments. The first instalment will be taken from your bank account one month after the start date of the policy.

How much does it cost?

You can see how your premium payments would look if you paid by monthly instalments on the quote screen.

At present, the interest charge is set at 6.25%. The interest rate is 5.25% and Coverzones charge 1% on top of this to cover the cost of setting up the premium financing arrangement with Close Brothers Ltd.

Who provides the monthly instalment facility?

Coverzones have chosen Close Brothers Limited to provide and manage our monthly premium payment facility. Close Brothers Ltd is part of the UK's largest and most successful merchant bank and they specialise in setting up and administering these types of arrangements. Use the link to find out more about Close Brothers Ltd.

Compare business insurance quotes now.

You can compare quotes for Public Liability, Employers Liability and Professional Indemnity insurance from the UK's leading business insurance companies using the Coverzones service.

Coverzones can find you small business insurance quotes in a matter of minutes. By answering a few simple questions about your business we can compare the market to find the best business insurance deal for you and your business.