Capital Premium Financing
As an independent insurance agent with Blake Insurance Group, I’ve seen firsthand how premium financing can be a game-changer for clients and agents alike. Today, I want to share my experience with Capital Premium Financing, a company that’s been making waves in our industry for over thirty years.
Let me tell you, folks, when it comes to premium financing, not all providers are created equal. But Capital Premium? They’re something special. I’ve worked with them for years now, and I can’t tell you how many times they’ve helped me close deals that might have otherwise slipped away.
Now, I know what you’re thinking—”Blake, isn’t this just another sales pitch?” But trust me, I wouldn’t stake my reputation on a company that didn’t deliver. Capital Premium has consistently impressed me with its commitment to service, innovative programs, and understanding of what agents and clients really need.
So, grab a cup of coffee and settle in. I’m about to break down why Capital Premium Financing might just be the partner you’ve been looking for to take your insurance game to the next level. Whether you’re a fellow agent looking to expand your offerings or a client seeking more flexible payment options, I think you’ll find this review eye-opening. Let’s dive in, shall we?
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Benefits of Using Premium Financing
Cash Flow Management
One of the most significant advantages of premium financing is how it helps businesses and individuals manage their cash flow more effectively. Instead of shelling out a large lump sum upfront for insurance premiums, clients can spread the cost over time. This is especially crucial for businesses that need to maintain healthy cash reserves for operations or growth opportunities.
I’ve had clients tell me time and time again how premium financing has allowed them to secure the coverage they need without straining their working capital. It’s a win-win situation—they get the protection they require while keeping their cash flow smooth and predictable.
Easier Budgeting
Premium financing makes budgeting for insurance costs a breeze. My clients can easily incorporate these expenses into their monthly or quarterly budgets by breaking down the premium into regular, manageable payments. This predictability is invaluable for financial planning and forecasting.
I’ve worked with several small business owners who’ve found this aspect helpful. They no longer have to worry about a large annual insurance bill throwing their budget out of whack. Instead, they can plan for consistent, smaller payments throughout the year.
Securing Necessary Coverage
One of the most significant benefits I’ve seen is how premium financing allows individuals and businesses to obtain the coverage they need rather than settling for inadequate protection due to cost constraints.
I remember working with a growing manufacturing company that needed comprehensive liability coverage. The annual premium was substantial, and they considered cutting corners on their policy to save money. By introducing them to premium financing, we secured the full coverage they needed without compromising their financial stability. It gave them peace of mind, knowing they were fully protected while maintaining control over their cash flow.
Flexibility and Convenience
Premium financing offers a level of flexibility that many of my clients appreciate. Most premium finance companies provide various payment plans, allowing clients to choose the option that best fits their financial situation. Whether it’s monthly, quarterly, or custom payment schedules, this flexibility can be a lifesaver.
Moreover, the convenience factor can’t be overstated. Many premium finance companies offer online portals for easy account management and automatic payment options. This means less paperwork and hassle for my clients, allowing them to focus on what matters – running their businesses or taking care of their families.
Types of Insurance Eligible for Financing
Commercial Lines
Capital Premium shines when it comes to commercial insurance financing. They understand the unique needs of businesses and offer flexible solutions for a variety of policy types:
**General Liability Insurance**: This is a big one for many of my business clients. The premiums can be substantial, especially for high-risk industries, and Capital Premium’s financing options make it much more manageable for companies to secure the coverage they need.
**Commercial Property Insurance**: Property insurance premiums can strain a business’s cash flow, whether it’s a small retail shop or a large manufacturing facility. Capital Premium’s financing allows my clients to spread these costs over time.
**Workers’ Compensation Insurance**: This is often one of the largest insurance expenses for businesses, particularly those in industries with higher injury risks. I’ve had several clients who were able to secure better coverage thanks to Capital Premium’s financing options.
**Commercial Auto Insurance**: The premiums for commercial auto policies can be substantial for businesses with large fleets. Capital Premium’s financing has been a game-changer for some of my transportation and delivery service clients.
Personal Lines
While Capital Premium is known for its commercial offerings, it also provides financing options for personal insurance policies:
**Homeowners Insurance**: These premiums can be significant, especially for high-value homes. Capital Premium offers financing with as little as 15% down and up to 10 payments, which has been incredibly helpful for many of my clients.
**Auto Insurance**: Financing for luxury vehicles or multi-car policies can make a big difference in managing insurance costs.
Specialty Lines
One thing I appreciate about Capital Premium is their willingness to finance specialty insurance policies:
**Professional Liability Insurance**: Also known as Errors and Omissions insurance, these policies can be costly for professionals like doctors, lawyers, and consultants. Capital Premium’s financing options have helped many clients secure the necessary coverage without breaking the bank.
**Cyber Liability Insurance**: Capital Premium’s willingness to finance these policies has become increasingly important for businesses of all sizes.
**Directors and Officers Insurance**: D&O insurance is often necessary for my corporate clients, and Capital Premium’s financing makes it more accessible.
What I’ve found most valuable about Capital Premium is their flexibility. They’re willing to work with policies ranging from under $500 to over $200,000, so I can offer financing options to almost all of my clients, regardless of their size or insurance needs.
Comparison with Competitors
As an insurance agent who’s worked with various premium financing companies over the years, I can tell you that Capital Premium Financing really stands out from the competition in several key areas:
No Hidden Fees
One of Capital Premium’s biggest advantages is its fee transparency. Unlike many competitors, Capital Premium doesn’t charge reinstatement fees, which can typically run around $15 with other companies. This is a huge benefit for clients who might occasionally miss a payment due date.
Additionally, Capital Premium doesn’t charge extra for different payment methods. Many other financing companies charge fees of $8 to $15 for the convenience of submitting payments by fax, email, or web. With Capital Premium, these payment options are included at no additional cost.
Flexible Financing Options
Capital Premium’s willingness to finance a wide range of policy sizes is truly impressive. They’ll work with anything from small policies under $500 to large policies over $200,000, covering personal and commercial lines. This flexibility is uncommon in the industry, as many competitors set minimum policy sizes or only focus on personal or commercial lines.
Competitive Down Payments
Capital Premium offers financing for homeowners’ policies with just 15% down and up to 10 payments. This is more favorable than many competitors’ terms and can significantly improve clients’ cash flow.
Customer-Centric Approach
Capital Premium goes the extra mile to prevent policy cancellations. They send out multiple reminders via email, online reports, USPS mail, and even text notifications. This proactive approach helps keep policies in force and demonstrates their commitment to agents and insureds.
24/7 Online Access
While many companies offer online portals, Capital Premium’s system allows agents to generate quotes and finance contracts 365 days a year from anywhere with internet access. This level of accessibility is a game-changer for agents like me, who often work outside traditional business hours.
Personalized Service
One thing that sets Capital Premium apart is its willingness to be flexible. They can often make loans that larger banks won’t consider. This personalized approach has helped me close deals that might have fallen through.
Premium Financing Companies Comparison
| Company | No Hidden Fees | Flexible Options | 24/7 Access | Down Payment |
|---|---|---|---|---|
| Capital Premium Financing | Yes | Yes | Yes | 15% |
| AFCO Acceptance Corporation | No | Yes | No | Varies |
| Imperial PFS | No | Yes | No | Varies |
| First Insurance Funding | No | Yes | No | Varies |
| BankDirect Capital Finance | No | No | No | Varies |
| IPFS Corporation | No | Yes | No | Varies |
| Prime Rate Premium Finance Corporation | No | Yes | No | Varies |
| South Coast Premium Finance | No | Yes | No | Varies |
| AFS/IBEX | No | No | No | Varies |
| Mackinaw Premium Finance | No | No | No | Varies |
| Flatiron Capital | No | No | No | Varies |
Customer Experience and Support
Responsive Customer Service
Capital Premium’s customer service team is incredibly responsive. Whether I’m reaching out via phone or email, I typically get a reply within hours, if not minutes. This quick turnaround is crucial in our fast-paced industry, especially when dealing with time-sensitive policy matters.
One of my clients, a small business owner, once told me, “They were absolutely the nicest person I’ve worked with on financing since I’ve been in business.” This feedback is common among my clients who interact with Capital Premium.
Ease of Working with Them
Capital Premium’s flexibility and willingness to go the extra mile sets it apart. They’re often able to make loans that larger banks won’t consider, which has been a game-changer for some of my clients with unique financial situations.
Their process is streamlined and user-friendly. As an agent, I appreciate that I can generate quotes and finance contracts 365 days a year from anywhere with internet access. This level of accessibility allows me to serve my clients more efficiently, even outside traditional business hours.
Online Account Management
Capital Premium offers a robust online platform that enhances the user experience for both agents and insureds. Their Finance Pro management system provides a single location to view, edit, and manage quotes and accounts online. This system has significantly simplified my workflow and allows me to offer quicker, more accurate service to my clients.
They offer insureds multiple payment options, including email, credit card, e-checks, and online payments. My clients greatly appreciate this flexibility in payment methods.
Proactive Communication
One aspect of Capital Premium’s service that I find particularly valuable is its proactive approach to preventing policy cancellations. They send multiple reminders via email, online reports, USPS mail, and even text notifications. This extra effort helps keep policies in force and demonstrates their commitment to agents and insureds.
Testimonials
The positive experiences with Capital Premium are not unique to me. Here are a few testimonials from other insurance agents:
“Capital Premium Finance is the best finance company I have ever worked with in 15 years!!” – Cara, Insurance Agent
“After using Capital for several years now I can honestly say you are head and shoulders above the competition!” – Karen, Insurance Agent
“We have used your company for numerous policies & Capital is my #1 premium finance company I love to deal with!! Everyone is extremely professional & I have never had any problem.” – Heidi, Insurance Agent
How to Apply for Premium Financing
As an insurance agent who’s worked extensively with Capital Premium Financing, I’m happy to walk you through the application process. It’s surprisingly straightforward, and I’ve found it much simpler than many other financing companies I’ve dealt with. Here’s a step-by-step guide on how to apply:
Step 1: Initial Consultation
First, we’ll discuss your insurance needs and financial situation. This will help me determine if premium financing is the right option for you.
Step 2: Gather Required Documentation
You’ll need to provide some basic information and documents:
– A completed 2-page application form (Capital Premium keeps it simple!)
– Proof of identity (driver’s license or passport)
– Details of the insurance policy you want to finance
– Basic financial information (income, assets, liabilities)
Step 3: Submit the Application
Once we have all the necessary information, I’ll submit the application to Capital Premium on your behalf. Their online system allows me to do this quickly and efficiently.
Step 4: Underwriting Process
Capital Premium’s underwriting team will review your application. They’re known for quick turnaround times – often within 24 hours for straightforward cases.
Step 5: Approval and Agreement
If approved, Capital Premium will provide a financing agreement outlining the terms, including:
– Down payment amount (typically 15-25%)
– Repayment schedule (up to 10 payments)
– Interest rate
We’ll review this together to ensure you understand all the terms.
Step 6: Sign and Finalize
Once you’re comfortable with the terms, you’ll sign the agreement. For added convenience, this can often be done electronically.
Step 7: Policy Activation
Capital Premium will then pay your insurance premium directly to the insurance company, activating your policy.
One of the things I appreciate most about Capital Premium is their quick processing. In many cases, they can fund the insurance policy within 24 hours of accepting the application. This rapid turnaround can be crucial when you need coverage to start quickly.
Remember, Capital Premium offers flexible options for different types of policies and coverage amounts. They take a case-by-case approach, so we can often create a customized payment plan that suits your needs.
Lastly, don’t hesitate to ask questions throughout the process. Capital Premium prides itself on its customer service. Live representatives are available to answer questions, which can be incredibly helpful when navigating premium financing for the first time.
Frequently Asked Questions about Capital Premium Financing
- Online through their web portal
- By phone
- By mail (regular or overnight)
- Through their mobile app (available on Google Play and iOS)
- Setting up paperless billing via email
Blake Nwosu
Owner & Principal Agent
Blake Insurance Group
Phone: (888) 387-3687
Email: [email protected]
Hours: Mon-Fri 9:00 am to 5:00 pm
Sat-Sun: Closed