CAREER OPPORTUNITIES AVAILABLE

Sales Executive & Business Owner

We are looking for motivated self-starters who want to control their careers and their futures.  This opportunity comes with unlimited income potential and the chance to own your book of business in the insurance premium finance industry. While premium finance or insurance experience is a plus it is not necessary to join our team. We can teach anyone who really wants a career owning a business. Veterans and others who want to work very hard are most welcome to apply.

You will work with insurance agents, brokers and wholesalers to help them place their premium finance business with our diverse network of commercial and personal lines premium finance providers.  Most importantly, you will provide customers with the best possible experience with the highest degree of integrity.

 

What we offer to help you attain success:

  • Personalized training from our leadership group
  • Short term draw
  • Social media coordinator/personalized messaging
  • No territory restrictions
  • Prospecting and lead generation assistance
  • Laptop computer, if needed, with technical support
  • Business ownership planning

 

What you can do to attain success:

  • Give 125% of your time and energy. Apply yourself and learn this business quickly and then SELL, SELL, SELL.

 

If this sounds interesting to you (or you have an existing book of business) and you have excellent interpersonal and negotiating skills along with a passion for service and a commitment to integrity, we would love to talk with you about the opportunities we offer.  Please call Premium Finance Brokerage at (717) 767-7088 or email a cover letter and resume to: careers@nullpremiumfinancebrokerage.com to explore our career opportunities.

Preview – Concierge Service Plus

Premium Finance Brokerage is excited to pre-announce the launch of a new, enhanced level of service to our premier clients.  We are calling it Concierge Service Plus (CSP).

From the firm that recently rolled out the PFB Power Play (Link Here) and pioneered the Premium Finance Physical (Link Here), we have a history of going the extra mile for you, our valued client.  Our company policy states “It’s our objective to provide clients the best possible experience with the highest degree of integrity.   We guarantee that you will have pleasurable experience with us.”  This new Concierge Service Plus (CSP) is the next chapter and new level of service that sets us apart from any other premium finance provider in the nation.

You will be hearing more about Concierge Service Plus (CSP) in the near future but should you have any questions, please feel free to talk with your Sales Associate about it and what it means to you.  If you aren’t currently our client but are interested in learning more about this cutting-edge program, we would love to hear from you!  We can be reached at 866-381-6501 or info@nullpremiumfinancebrokerage.com.

Underwriting Large Accounts – The PFB Power Play

When it comes to premium financing, working large accounts can be very different from working smaller accounts.  Here we share some tips on how you can effectively handle large accounts and introduce you to the PFB Power Play.

The PFB Power Play is a team of industry experts that help secure the best possible outcome for your client.  We will do a thorough evaluation of the credit risk, insurance policies and any other mitigating factors that determine the amount of exposure a finance company may be willing to assume.

The first tip is not unique to large accounts (those accounts generally over $100,000) but it becomes even more important when working on them and that is to ensure you have all of the policy information accurate and complete.  Having accurate effective and expiration dates, a breakdown of premiums, taxes, fees and minimum earned premium percentages or amounts will be essential in obtaining an accurate premium finance agreement.  Other policy specific details like if there are any seasonal or hurricane earning provisions, if an auto related policy has filings or if a work comp policy is guaranteed cost coverage or not should be disclosed when requesting the premium finance quote.

The next tip is to inquire with your insured if financial statements are available in case the finance company requests them as part of their underwriting process.  This can help manage the client’s expectations that they may be needed as part of the underwriting process.  If complete audited financial statements are not available, unaudited statements, internally compiled income statements and balance sheets and even more basic profit and loss statements may be helpful for the loan underwriter.

The final tip is to be sure to understand what loan terms may be best for your client.  Some clients may need a low down-payment while others may benefit more from an additional installment or a customized payment schedule to meet certain operational or cash flow needs.  Talk with your clients about this.  Understanding your client and discussing their needs with your premium finance partner during the submission process can make the difference in getting the best premium finance quote for your client or not and possibly writing the client or not.

In summary, be sure you have all the account information and detail available when beginning the process of obtaining a premium finance quote for your large accounts.  The process and end result will be smoother and more productive for you.  We at Premium Finance Brokerage have large account expertise for accounts in all industries and we are ready, willing and able to help you when your next large account arises. Please feel free to contact us for assistance at 866-381-6501 or info@nullpremiumfinancebrokerage.com.

How can Premium Finance Brokerage help a new agency?

New insurance agencies face many challenges including paying for startup costs, finding the right staff and obtaining access to markets to ensure they are competitive, to name just a few. These are no easy tasks. We want you to know that Premium Finance Brokerage (PFB) is here to help in a few ways!

PFB is the largest privately held broker of premium finance in the nation. We have relationships with several national and regional premium finance companies so we can find the best fit for your new agency’s needs. We will work with a new agency (existing ones as well!) and complete a Premium Finance Physical. Premium Finance Physical | Insurance Premium Financing (premiumfinancebrokerage.com) The Physical is a comparative analysis tool that was created to provide a clear picture of your premium finance needs and offer recommendations for your program. We will assist you every step of the way in starting and developing your premium finance program.

Another way PFB can give assistance to your agency is by consulting with you on your accounts to help you obtain the best possible rates and terms for your insured’s premium finance loans. Our premium finance experts have many years of experience and can help you work through any challenging aspects of the account to ensure the financing helps facilitate the sale of the insurance program you have developed and help you retain existing clients and land new clients as well.

Whether you are a newer agency or an established one, we would like the opportunity to assist you with your premium finance program. Please contact us at 866-381-6501 or info@nullpremiumfinancebrokerage.com.

Hurricanes and Commercial Insurance Premium Financing

With hurricane season right around the corner, now is a good time to think about possible hurricane provisions on your insureds’ commercial property risks.

You may or may not know that many insurance companies include hurricane or seasonal earning provisions or endorsements in some of their commercial property policies. The endorsement will change the standard premium earning of the policy. It is important to note that they may not be limited to traditional hurricane areas such as Florida, Texas or the Southeast coastline. It is critical to review the policy language carefully, even when quoting a renewal as policies can change from year to year.

The Hurricane minimum earned premium endorsement generally runs from June 1st to November 1st. If you cancel a policy that has this endorsement, remove a location or reduce the amount of Insurance on a location, and coverage existed any time during the period of June 1st to November 1st, the amount of unearned premium returned will be significantly reduced based on an earnings chart provided in the policy/endorsement. Typically, the minimum earned premium amount with this endorsement is 75% or 80%.

A very important point to remember is that just because a policy might have this very high minimum earned premium doesn’t mean that the policy can’t be financed. It very well may be depending on the amount of the premium, any other policies being financed, the financial strength of the insured and several other factors.

The bottom line is to be aware of the potential for the hurricane or seasonal earning premium endorsement in your insureds’ policies and don’t rule out premium financing as a payment option for your insured. If you would like any assistance with your situation, please contact us at 866-381-6501 or info@nullpremiumfinancebrokerage.com.

What makes Premium Finance Brokerage Unique

Is your premium finance provider able to shop several finance companies to ensure you are getting the most competitive offering? Premium Finance Brokerage can do just that!

Premium Finance Brokerage is built upon the premise of trust and choice. We are the largest privately held aggregator of premium finance in the nation. We work for our clients who are insurance agents, brokers and general agents across the country. We help them to secure the best premium financing fit for their insureds through our diverse network of premium finance providers, while offering one point of contact. We strive to deliver to our clients the best possible experience with the highest degree of integrity. We guarantee that you will have pleasurable experience with us.

Please contact us via phone at 866-381-6501 or email at info@nullpremiumfinancebrokerage.com to discuss how we may be able to help meet the needs of your agency as well as your insured clients.

Financing Assigned Risk Commercial Auto

Fleet of White Commercial Vans

We often get asked why the down payment is higher on financing assigned risk commercial auto policies.  The issue with an assigned risk policy is that it’s subject to audit.  Unfortunately, many of these audits are done during the policy term resulting in a premium increase.  These midterm increases drive the customer to shop their insurance.  If they decide to make a change during the term the assigned insurance company will use the audit adjusted premium to calculate the earned premium. When this happens the unearned premium returned to the finance company comes back significantly short of the loan balance. This is why you often see down payments of 35% or more on assigned risk auto policies. Another way the finance company mitigates the risk is to shorten the number of installments from 9 to 7 or 8.

If you need help financing an assigned risk commercial auto policy feel free to reach out.  We’ll do whatever we can to help the client with the most flexible payment plan possible.

Covid-19 Relief Loan

If your business needs help paying for the cost of insurance due to Covid-19, we may have some loan options available to assist you.  We can potentially offer a solution that enables you to borrow your insurance premium with no out of pocket cost.  We also have the ability to offer working capital and bridge loans for cash flow.  If you need help during these challenging times please reach out to us directly or have your insurance agent contact us for additional information.

We will do whatever we can to help your business.

Your Premium Finance Partner

The last few months have been a real challenge for our society and a firm test of the human spirit.  I truly hope that you and your family are safe and healthy.  Our hearts go out to those who’ve lost a loved one or are still dealing with the impact of this pandemic.  There are still many people who are hurting.  I want to take this opportunity to thank all our partners who are helping us get through this difficult time.  I believe that it will be increasingly more challenging in the days ahead. I want everyone to know that we will do whatever we can to help our customers.  We’ve made a pledge to keep our doors open and continue to accept business with the most flexible payment terms possible.  We are here to help you whether or not you’re a current customer.  Feel free to contact us if you need help or advise on your situation.  It is our obligation and desire to help others any way we can.

FLEXPAY

FLEXPAY is an exciting new workers’ compensation product. It combines the benefits of a premium finance agreement with the cash flow advantage of a Pay As You Go program. FLEXPAY is an ideal tool for insurance agents, wholesalers, or insurance carriers who are looking to offer their workers’ compensation clients a new and unique product.

How does FLEXPAY work?

  • Payments are based on actual payroll
  • Works with any payroll company
  • Seamless integration with clients payroll system
  • Self-Reporting option if there’s no payroll company
  • Weekly, Bi-Weekly or Semi-Monthly payroll periods

Advantages:

  • Down-Payment only 10%
  • Commissions Paid Upfront
  • Enhance Cash Flow for your insured
  • Create new business opportunities
  • WC Assigned Risk, Truckers, Restaurants, Non-profits, or any insured looking to reduce their DP    or improve their cash flow.

Brien Volpe, CPCU
Sales Executive
bvolpe@nullpremiumfinancebrokerage.com

Down Payment Financing

For the past 5 years we’ve been offering a program that allows an insured to finance their down payment premium. This cutting edge approach has enabled PFB to be the industry leader in this market space. Last year alone we financed over 1 million dollars of down payment or fully earned premium. If you have a client that’s in need of additional cash flow and would like to finance 100% of their insurance premium, we have a platform to make it happen.

Ted Elliott
Sale Executive
telliott@nullpremiumfinancebrokerage.com

Success Story – Homeowners Insurance

One of the best reasons to work with Premium Finance Brokerage is our belief in representing multiple premium finance companies. We do not work for a premium finance company; we work for you to bring you the best in insurance premium financing. Last week I received a call from an agency I recently started representing with an unusual request. This agency wanted to premium finance a personal lines policy. The company currently working with my agency is not filed to premium finance personal lines. (Most finance companies do not premium finance personal lines) This personal lines homeowners’ policy was located in the Bahamas with an annual premium of just over $75,000. Luckily, Premium Finance Brokerage represents two finance companies that would premium finance this policy. I was able to get a premium finance contract and satisfy the needs of the agency. Happy agency owner and happy insured.

Ted Mast, AAI
Sales Executive
tmast@nullpremiumfinancebrokerage.com

Construction Wrap Policy

Premium financing is a fairly standard product given the annual policy terms of the majority of liability, property, and automobile coverages. Construction wraps are being utilized more these days given the recovery from the recent recession. These products are usually written on a variation of annual terms and the amount of installments is important to allow for payments to be spread over the contract period. Having multiple premium financing sources allows PFB to find the best payment options for your insured

Jim Wright, CPCU
Sales Executive
jwright@nullpremiumfinancebrokerage.com

Premium Financing 101

Premium Finance is the business of providing loans to consumers. Premium Finance, unlike a bank, provides an insured party the ability to cover the cost of general insurance premiums. Insurance premiums for both commercial and personal policies can be financed. The premium financing loan helps the insured alleviate the need for large up front capital costs normally associated with insurance premiums. The premium finance company provides payment in full to the insurance company who issued the policy. The insured pays the premium finance company on a monthly, quarterly, or semi-annual basis – these payments include any fees and/or finance charges associated with the loan. The premium finance company is given “power-of-attorney”. The power-of-attorney affords the finance company the right to cancel the insurance contract in the event of non-payment by the insured. The unearned portion of the insurance premium is also assigned to the finance company in the event of a return premium. This provides the finance company security (collateral) in the loan and helps to ensure repayment in the event of a default. Using the insurance policy as collateral is very similar to a consumer using his or her new vehicle as the collateral for the loan.

Brien Volpe, CPCU
Sales Executive
bvolpe@nullpremiumfinancebrokerage.com

Agency Fees

Did you know that you can finance an agency fee? From time to time we’re asked if we can finance a fee that an agency charges their client. The simple answer is yes. The issue here is whether or not the fee is refundable. If the fee is refundable it can be financed, as long as, the agent agrees to return the unearned portion in the event the contract is canceled early. Typically, the finance company will ask the agent to sign an agreement that states they will return the unearned fee within 30 days of cancelation. By financing the agency fee it gives your insured increased flexibility with their down payment.

John Ault
Sales Executive
jault@nullpremiumfinancebrokerage.com

Care and Professionalism – handling your account

One of the significant benefits of working with PFB is the ability to access the most respected premium finance providers in the nation. We’ve partnered with markets that all share our core values of trust, honesty and integrity. As the largest premium finance aggregator in the country we have the tools to satisfy the needs of any client. We have accounts throughout the nation that range from a small dwelling fire policy to the general liability coverage of large multi-national corporations. Regardless of the premium size you can count on PFB to handle your transaction with care and professionalism.

D&O Insurance Policies

Did you know that most D & O policies have a provision that makes them fully earned when there’s a change in ownership or dissolution of the board? You may have noticed over the years that the underwriting process for D&O coverage has become more stringent. Typically, when a company is sold or merged with another there are nondisclosure documents that prevent information from being shared with outside entities. When a premium finance company finds out about a change in ownership it’s always after the completion of the transaction. If the D&O policy is canceled there would be no return premium to cover the outstanding balance on the loan. Unfortunately, there’s no way to determine when or if this is going to happen during a policy period.

Insurance Markets Continue to Harden

As the insurance market continues to harden we’ve recently had requests about financing smaller premiums with admitted insurance companies. One of signs in a changing marketplace is the availability of flexible direct bill options. About a month ago we financed a $1,500 property policy with a major national insurance carrier that was only willing to offer the client a quarterly payment plan. Since the insurance policy didn’t have any special cancellation provisions we were able to give them 15% down and 10 payments. This added flexibility enabled the client to have a lower initial out of pocket expense and a consistent monthly payment plan. As an added bonus the total finance charge on the contract was equal to the typical cost of direct bill.

Hints for Financing an Audit

From time to time we get asked why it’s so hard to finance an audit or prior balance. The reason is collateral. When an existing policy is canceled the return premium normally covers the outstanding balance on the loan. With an audit or prior balance there is no current policy that provides the collateral to pay off the loan in the event of cancelation. As a result, the loan is not secured by the unearned premium. Effective strategies that allow us to get this transaction done for our clients include:

1. Financing an existing policy with the audit
2. Pledge of assets by the named insured
3. Personal guarantee
4. Agency guarantee