Preserve your cash flow with premium funding
When it comes to the time of year when business insurance is up for renewal, it often puts in dent in cash flow for business owners, with policies often racking up to tens of thousands of dollars depending on the size of your company and the industry you operate in. Whilst major insurers offer monthly payments for personal insurance policies such as health or car insurance, it’s uncommon to have the same choice when it comes to business insurance.
There is another option! Premium funding offers a way of paying monthly instalments for your business insurance, even when the insurer doesn’t. It enables business owners to manage monthly costs and avoid the hefty upfront fee when renewing or taking out a new insurance policy. Put simply, the premium funding company pays the full premium upfront on your behalf, then you pay back to the funder over monthly instalments. The premium funder will add a margin or fees to cover their service. Some banks may also offer premium funding, however banks can often lack flexibility and do not endorse premiums and/or restructure contracts for return premiums. Altering direct debits, quoting in arrears or delaying a payment may also be a challenge.
Premium funding gives you and your business a range of benefits, including:
Free up working capital
Spread payment throughout the year and use your working capital for business growth.
Preserve cash flow
Allows you to invest your cash flow in other activities.
Flexible payment options available.
Multiple insurance policies
Combine multiple insurance policies into one manageable monthly fee.
Easy application process.
If you’d like to find out more about premium funding, get in touch with Carbon Insurance today and we’ll run you through the finer details and see how your business may benefit.
Con Bochrinis (AR No. 1263424) and Carbon Insurance Brokers Global Pty Ltd t/as Carbon Insurance Brokers, ABN 57 602 231 765 (AR No. 468039) are Authorised Representatives of the Apollo Risk Services Pty Ltd ABN 60 367 225 615, ACN 150 334 348, AFSL No. 403 727 (Licensee).