SMEs increasingly using credit to buy insurance
Research from Premium credit warns that Covid-19 and the increased cost of cover is pushing SMEs to use credit to buy cover as some cut down on insurance spend.
The construction and manufacturing sectors are the most likely to rely on credit to help pay for insurance, according to analysis from finance provider Premium Credit.
Premium Credit’s data shows SMEs are increasingly borrowing to pay for insurance – total net advances of premium finance for commercial insurance increased by over 11% in 2020 compared with the previous year even though the number of policies only rose marginally.
That is supported by research among SMEs and corporates showing
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