- How do I pay for my policy?
- Most commercial policies can be paid annually in one payment, or monthly by pre-authorised debit. Annual is cheapest because instalments carry a financing cost. Your advisor will set out both when the policy is placed.
- Is monthly more expensive than paying annually?
- Usually, yes. Instalments are financed, so the total paid across the year is higher than a single annual payment. The difference is disclosed before you choose — ask for both figures and compare them.
- Why is my premium higher than the quote?
- Two common reasons. Provincial taxes and levies apply to insurance premiums and appear on the invoice rather than in the quoted premium. And if details changed between quoting and binding — revenue, vehicles, added locations — the premium is re-rated on what's actually insured.
- What happens if a payment is missed?
- Tell us before it happens if you can — a missed payment can start a cancellation process for non-payment, and reinstating a lapsed policy is harder than rescheduling a debit. There's no penalty for asking to move a payment date.
- Why did my premium change at renewal?
- Usually because your business changed, your claims history changed, or the market moved. Insurers re-rate whole classes of business each year. If a renewal increase looks wrong, that's exactly when to have us market the account — it's what an independent broker is for.
- Can I change how or when I pay?
- Yes. Payment method, payment date, and switching between annual and monthly can generally all be changed — contact your advisor and we'll arrange it with the insurer.
- What happens to my money if I cancel mid-term?
- You're normally refunded the unused portion of the premium. Some policies refund pro rata; others apply a short-rate calculation, which returns slightly less than the exact unused share. We'll tell you which applies before you cancel anything.
- Do I pay you or the insurance company?
- It depends on the policy — some insurers bill you directly, and for others payment comes through us and is held in a trust account until it's remitted. Either way your invoice will say who to pay. How we're compensated is set out in how we get paid.
