You can choose to pay your premium in full or in installments. Whichever you prefer, simply let your Account Executive know.
Premium Finance Agreements are used to finance premiums for an insurance policy (or multiple policies) over the course of the one-year policy period. Generally, PFAs will require a 25-33% down payment depending on the policies to be financed. Generally, rates range from 6-12% APR, depending on the size of the finance agreement and the terms of each policy being financed. Taxes and fees are fully earned (as with most taxable policies).
Payment options
Payment with Founder Shield
If your premium is paid through Founder Shield or Alpharoot, you can remit payment using the payment link sent once your proposal is approved. The link allows the use of a credit card, instant bank transfer with participating banks, or the choice to initiate a wire payment externally. If you select the wire option, please provide a screenshot of the confirmation to your Account Executive. This will allow us to avoid waiting for the banks to process the transfer before binding your policy.
For an agency-billed payment plan, we partner with BankDirect to provide premium financing options. If you prefer this option, your Account Executive can help you set up terms of up to 12 installments for an annual policy.
Billing with Founder Shield or Alpharoot also provides additional services that we offer to all of our clients. From a compliance perspective, we need to charge for these ancillary services because they are not considered insurance-related items; if we did not charge for them, it could be considered to be a form of rebating.
Note: This is a one-time fee that will not be charged at your policy's renewal
Below are a few examples of these additional services.
Founder Shield Perks page - an ever-growing list of exclusive b2b and b2c offers from other Founder Shield clients; as a client, you can list your company too!
Client Wiki - access to our wiki containing tons of in-depth information related to insurance coverage, industry-specific risk management tips, and more.
Client Spotlight - access to our client spotlight feature where we highlight several companies each month in our newsletter sent to 5000+ funded startups.
Free Sponsored Content - leverage our blog and network to showcase your company in our "industry spotlight" series. Our blog has a combined reach of over 280,000 startup founders, companies & investor social profiles, and email accounts.
Marketing and placing policies
Consultative risk analysis and ongoing risk mitigation strategic planning
Rapid-fire certificates of insurance
Contract review (insurance section analysis and recommended negotiating points)
Claims handling - access to our dedicated claims management team
Endorsements - Handling police amendments on a need basis
Work with our renewal team 3 months out from the policy expiration date
Payment with your carrier (Direct Billing)
If your premium is paid to the carrier directly, they will reach out to you with an invoice shortly after your effective date. This invoice will include instructions on payment methods and contact information if any issues arise.
You also have the option to set up installments with the carrier directly (some exclusions apply). If you would like to pursue this option, let your Account Executive know and we can set that up for you while binding.