Simply Business - Insurance for your business

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Payments FAQ

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Payments FAQ

There are several ways to pay for your Simply Business insurance policy – find out about your payment options.

How do I pay for my insurance?

You can pay your premium in one of the following ways:

  • pay the annual premium in full by credit or debit card
  • pay in monthly instalments by direct debit
  • pay the annual premium in full by BACS

Who is Premium Credit Limited?

Premium Credit Limited is the credit provider that finances your credit agreement. You'll have a credit agreement if you pay for your insurance policy monthly by Direct Debit.

When does my cover start?

If you chose “today” as your policy start date, you're covered from the day you purchase the policy. Otherwise, your cover starts on the date you chose. If you don't sign your credit agreement or keep up your payments, you may incur additional charges and your policy may be cancelled.

When will my payments be taken?

Your first payment will be collected within 10 working days of your policy start date. Further payments will be taken each month on the same day as your policy start date.

Is there a cost to paying in monthly instalments?

If you pay in monthly instalments by direct debit, interest will be charged on your premium. Premium Credit Limited will also charge a facility fee of £5.00 on premiums of £100 or more. This fee will be added to your first direct debit instalment and will apply at renewal if your policy remains on direct debit.

What if I don't sign my credit agreement?

If you don't sign your credit agreement within 10 days, Premium Credit Limited will charge you £10. Premium Credit Limited will continue to collect monthly payments, even if you don't sign your agreement.

What if I miss a payment?

If any payment fails, for example from having insufficient funds in your account, Premium Credit Limited will charge you a £27.50 default fee.

What if I want to change the monthly payment date?

It is possible to change your monthly payment date, please call Premium Credit Limited on 0344 736 9820 to discuss further. Premium Credit Limited will charge you a £5.00 fee for changing the date.

Can I pay my credit agreement early with Premium Credit?

Yes – if you'd like to settle your outstanding credit agreement, you should call Premium Credit on 0344 736 9820 to discuss further.

If you're cancelling your policy at the same time, you'll also need to contact us on 0333 014 6683.

I want my Direct Debit payments to come out of a different bank account. Can I arrange this?

Yes – you can either contact Premium Credit to do this, or you can contact us directly.

If you'd like to do this through Premium Credit, you can change your bank details in your online account or you can give them a call on 0344 736 9820.

Alternatively, you can give us a call on 0333 014 6683 and we'll be able to sort this for you.

How do I change my contact details with Premium Credit?

You can change your contact details yourself in your customer account. If you need our help, give one of our experts a call on 0333 014 6683.

Can't find what you're looking for?

We've got a team of UK-based experts ready to help. You can give them a call on 0333 014 6683

Mon 09.00am - 05.30pm, Tues 09.00am - 05.30pm, Weds 09.00am - 05.30pm, Thurs 09.30am - 05.30pm, Fri 09.00am - 05.30pm, Sat 09.00am - 02.00pm

Or use the contact form on the website whenever suits you and one of our team will get back to you as soon as possible.

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Address

6th Floor99 Gresham StreetLondonEC2V 7NG

Sol House29 St Katherine's StreetNorthamptonNN1 2QZ

© Copyright 2021 Simply Business. All Rights Reserved. Simply Business is a trading name of Xbridge Limited which is authorised and regulated by the Financial Conduct Authority (Financial Services Registration No: 313348). Xbridge Limited (No: 3967717) has its registered office at 6th Floor, 99 Gresham Street, London, EC2V 7NG.