FEATURE / Premium Funding
PREMIUM AN INCREASINGLY IMPORTANT TOOL IN A BROKER’S TOOLBOX With businesses of all sizes affected by increasing prices and inflationary pressures, could premium funding become an even more important part of the broker toolbox? BY MARTIN WANLESS
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rom the price of grapes to the cost of filling up our cars at the fuel station, we’re all only too familiar with the escalating costs straining already tight budgets. And while our household bills are increasing, so too are our business outgoings. The costs of many business expenses, insurance premiums included, are increasing too, meaning businesses and brokers are facing a challenge. And, while reducing cover and increasing excesses is one way to create a more 34 / INSURANCE ADVISER AUGUST 2022
manageable premium, it may not be the wisest course of action. After all, as a broker, you want to ensure that your clients have the right cover. This is why premium funding is becoming an increasingly important part of a broker’s arsenal. “Business insurance premiums can be an inconveniently large investment,” says Mark Beshay, Head of Sales at Elantis Premium Funding. “This is particularly relevant in the current market, with widespread economic uncertainty and premium rates on the rise.
