Funding PI insurance and tax over 12 months is a great way to free up capital
Discover how funding PI insurance and tax over 12 months is the best way to free up capital
Professional Indemnity Insurance (PII) provides businesses with the funds to cover damages incurred by their clients when errors are made. The policy covers legal costs and expenses should a client make a claim, as well as compensation for the claimant and all accountancy firms are required to have PII.
After employee wages, PII can be the next largest annual cost for a business and whilst salary costs are spread throughout the year, PII is paid for annually, which can have a significant impact on cashflow.
12 Month PII Funding
Often a PII loan is organised by a firm’s insurance broker, and at the point where the premium for the year is known, the PII loan agreement can then be completed, usually offered over either 6 or 10 instalments.
Increasingly, we see professional service firms turning to alternative finance to cover this vital expense and help spread the cost of the liability over a 12-month period.
With decisions typically made within 24 hours, this reduces the monthly cost, freeing up capital for investment in other areas.
Trusted ICAS Partner
For many firms, having a funding partner on board who knows their business and can support them with fast and effective solutions can be a key element.
Since March 2023, White Oak UK solidified its commitment to the Scottish business community by establishing a strategic partnership with ICAS and this collaboration has paved the way for White Oak to provide substantial support, with £40 million already invested in Scottish SMEs.
Operating from our Glasgow base, White Oak UK stands out as one of the few alternative lenders offering localised support to Scottish firms through our partnership with ICAS members.
With over 35 years of experience, White Oak has been a trusted partner in providing finance and cash flow solutions to the accountancy sector in Scotland. Leveraging both direct and external funding channels spanning the entire market, we offer unparalleled flexibility to support diverse funding requirements.
Seamless Application
Applying for White Oak's PII financing solutions is seamless, with fast funding within one working day, through the ICAS dedicated relationship managers. Many ICAS members take the opportunity to fund their practising certificate also.
ICAS accountants can also benefit from a referral fee when their clients gain swift access to White Oak's PII funding.
With a suite of lending products, including Commercial Loans, Asset and Invoice Finance, ICAS members and their clients have a comprehensive range of options to support sustainable growth.
All the options for ICAS members are available on the White Oak UK website
Contact us if you’re looking for funding over 12 months, with a free no obligation quote
This blog is one of a series of articles from our commercial partners.
The views expressed are those of the author and not necessarily those of ICAS.
