Buy Now, Pay More Later
Paying premiums over time can cost you.
Your business insurance premium is due, and your agent asks if you want to pay one lump sum or make payments. You opt to make payments-but what will it cost you?
Making payments on your insurance premium is essentially a financing arrangement with interest involved, says Mark Burton, an attorney with Hersh & Hersh in San Francisco. Whether the insurer has a financing arm or your agent sets you up with a premium finance company, the rates can be as high as 15 to 20 percent or more.
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