While Professional Indemnity Insurance (PII) is an important form of protection for organisations (and often a legal requirement), paying for PI insurance can be a significant cost. This can impact your cashflow, delay growth and affect operational capacity. There is an alternative, however, in the form of a PI insurance loan.
A PI insurance loan allows you to spread the cost of cover over a 12 month period. The interest on the loan and the repayments are fixed, making it easier to manage your budget and keep capital in the business. This leaves you with more money to invest elsewhere in the business or to keep in the bank to cover unexpected costs, bills, or downturns in revenue.
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Professional Indemnity Insurance will provide coverage for financial losses that may result from errors or omissions in a professional's performance of their duties. Some of the typical types of losses covered by PII include:
It is important to note that the specific types of losses covered by PII can vary depending on the type of professional and the nature of the services provided. Remember to carefully review the terms and conditions of a PII policy to understand the types of losses that are covered and any exclusions that may apply.
Professional Indemnity Insurance is an important consideration for organisations in the UK for several reasons:
We can help organisation to access the best funding options and facilities, quickly and efficiently, whilst ensuring your short-term goals and long-term ambitions are considered in your financial strategy.
If you are interested in spreading the cost of your PI insurance over time to retain capital and enable you to manage your budget more effectively, you can start your application now via our Bluestone Portal.
If you'd rather talk to us before you apply contact us today for a no-obligation conversation or email our Commercial Loans Specialist directly at james.lewis@bluestone.app.
A professional indemnity insurance loan is a type of finance that allows organisations in the UK to borrow money to cover the cost of their professional indemnity insurance premiums. The loan is secured against the policy itself, and the lender will typically pay the premium directly to the insurance company on behalf of the borrower. The borrower then repays the loan, including any interest or fees, over a set period of time.
BS.202311.01FAQ26
To be eligible for a professional indemnity insurance loan in the UK, an organisation must typically have a professional indemnity insurance policy in place. Other eligibility criteria may include the type of organisation, the size and financial standing of the business, and the amount of the loan being sought.
BS.202311.01FAQ14
The repayment period for a professional indemnity insurance loan will depend on a variety of factors, including the size of the loan, the type of business, and the lender's requirements. Typically, professional indemnity insurance loans have repayment periods of 12 to 24 months. The impact on cash flow will depend on the size of the loan and the interest rate charged, but most businesses find that a professional indemnity insurance loan is a manageable way to finance their insurance costs.
BS.202311.01FAQ74
Yes, there may be fees and charges associated with professional indemnity insurance loans, including an application fee, an arrangement fee, and interest.
BS.202311.01FAQ8
We know finance can be complex and often it's easier to talk things through. Drop us a message or give us a call 0330 135 8660 and we'll get back to you ASAP.
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