Buy Now, Pay More Later

Paying premiums over time can cost you.

By Jacquelyn Lynn • Nov 1, 2004

Opinions expressed by Entrepreneur contributors are their own.

Your business insurance premium is due, and your agent asks ifyou want to pay one lump sum or make payments. You opt to makepayments-but what will it cost you?

Making payments on your insurance premium is essentially afinancing arrangement with interest involved, says Mark Burton, anattorney with Hersh & Hersh in San Francisco. Whether theinsurer has a financing arm or your agent sets you up with apremium finance company, the rates can be as high as 15 to 20percent or more.

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