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Do you have installment payment options?

Q: Do you have installment payment options?

Typically, most business insurance providers will offer you either an installment payment option or let you pay your annual premium in a lump sum upfront. So the question is really: which option makes sense for your healthcare practice?

Paying your premiums upfront can actually save you money because insurers charge slightly more to businesses that choose an installment plan. If you've got the extra cash to pay your premiums all at once, this can be a smart, budget-friendly move.

If you choose an installment plan, be aware that you'll have to make a down payment at the beginning of your coverage. Each insurer has slightly different payment schedules, but a typical installment plan will have you pay a certain percentage upfront (anywhere from 5 to 50 percent), then pay the rest in equal monthly or bimonthly installments. Some insurers will also charge a small "processing" fee (often around $10) for each installment payment.

An advantage of working with insureon is that we get a variety of quotes from top-quality insurance providers. Because our agents work independently of any particular carrier, they can offer objective advice and help you find a policy with the payment plan that makes the most sense for your business and won't surprise you with any hidden fees.

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