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When it comes to payment, business insurance premiums can be an inconveniently large investment. This is particularly relevant in the current market, where rates are on the increase.
Premium Funding payment solutions can help to free up your company’s finances, enabling you to put them to more productive and immediate uses by investing in areas that directly impact the growth of your business.
It can also mean you don't need to compromise on the quality of your insurance cover...
Pay insurance premiums by the month
Premium Funding Programs are a flexible financial solution designed to enable businesses to spread the cost of their insurance premium(s) over equal monthly instalments of up to 12 months.
Removing the financial burden of a lump sum insurance payment can help to free up your cash flow so you can utilise money which would otherwise have been spent on insurance, to proceed with key investments essential to growing the business.
Premium Funding is “a form of finance that frees up money for other expenses or investments" in a business. (Insuranceandrisk.com.au).
Business Insurance is an absolute necessity, however the cost of insurance doesn’t need to restrict cash flow, or place limitations on what the business has set out to achieve.
Premium Funding payment solutions can be extremely beneficial for a number of reasons:
Your insurance broker will guide you through the simple process of arranging Premium Funding. Below we have provided a brief explanation on how it works:
The application process is far simpler than a bank loan and requires fewer background checks and credit reports.
It’s also good to know that upon renewal of your insurance each year, you can easily rollover your existing Premium Funding contract, minimising the need to complete additional applications.
This insight article is not intended to be personal advice and you should not rely on it as a substitute for any form of personal advice. Please contact Whitbread Associates Pty Ltd ABN 69 005 490 228 Licence Number: 229092 trading as Whitbread Insurance Brokers for further information or refer to our website.
Experienced insurance advisers from both Whitbread's Strata and Commercial departments, have joined forces to highlight the key areas of insurance where Strata Management business owners should pay attention.