Benefits of Financing your Insurance Premium
No doubt you’ve seen your business insurance premiums rising in recent years, However, are you aware of premium funding and how it might assist you in paying for these premiums?
The types of insurance your business may need vary from property, vehicles, workers’ compensation, public liability and product liability to professional indemnity, business interruption, cyber and possibly credit insurance.
Premium funding presents a valuable strategy for effectively managing your various annual insurance premiums and thereby optimising your cash flow. Managing cashflow is an important part of running any business. This can be particularly challenging when your insurance bill arrives.
One approach to resolving this issue is Insurance Premium Funding (IPF).
What is Insurance Premium Funding?
IPF provides an alternative to paying large insurance premium costs upfront, allowing working capital to stay in your business.
How does Insurance Premium Funding work?
The financier pays the premiums to your insurer on your behalf. You then make monthly payments to the financier.
What are the Benefits?
- Flexible Monthly Instalments
- Pay multiple policies with one monthly payment
- Interest repayments can be tax deductible
- Free up cashflow
Which Insurances can be Financed?
Insurance Premium Funding covers most types of commercial insurance policies including workers compensation and professional indemnity.
The Process is simple. All we need is a copy of your insurance policy statement or summary, listing all the policies and annual premiums and we can take it from there.
Through our partnerships with several major funders, PMG Finance can provide company owners with straightforward and competitive financing options for all their insurance premiums, including those for non-cancellable and cancellable policies.
Get in touch with our equipment finance brokers, if you’re interested in spreading your IPF costs over a 10-, 11-, or 12-month term, and let us save you some money.
Contact our team of equipment finance specialists today on 0429 494 641, So we can learn more about your needs and provide the right solution for you.
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