Insurance Premium Funding | Need help paying your insurance premiums?

By Phil Ringuet

As businesses are faced with increasing financial obligations during difficult times, the prospect of paying an annual insurance premium in one hit can be daunting.  A premium funding option can make life a lot easier and help ensure your cash flow won’t feel the pinch.

What is Insurance Premium Funding (IPF)?

Insurance Premium Funding (IPF) allows you to pay your premiums in easy to manage monthly instalments and still have access to your working capital.

It enables businesses to pay their insurance premiums in easy to manage monthly instalments.

It can also be extended to most types of commercial and domestic insurance policies – including workers compensation policies.

Benefits

Takes back control

IPF gives you the ability to smooth out cash flow and retain working capital within your business.

Consolidate and save time

Embracing IPF also gives you the ability to consolidate different business insurance premiums on the one finance contract:

  • Simplicity via the application process
  • Convenience of monthly payments by direct debit or credit card
  • Flexibility with the ability to factor in professional indemnity, workers compensation, general business insurance, motor fleet registrations and CTP and domestic insurance (domestic insurance must not exceed 49% of the total amount financed).
  • Tax Deductibility of interest repayments in some cases

Professional Liability Insurance (PLI)

In the ever-changing regulatory environment, if your company specialises in providing advice, designs or offers a professional service to clients, then it is crucial that you have Professional Indemnity Insurance (PLI).

PLI is designed for professionals and provides cover for legal costs and expenses incurred in your defence, as well as any damages or costs that may be awarded if you are alleged to have provided inadequate advice, services or designs that cause your client to lose money.

It protects your business against legal costs and claims by third parties for damages arising from acts, omissions or breaches of professional duty in the course of your business.

 Other insurances that may be eligible for Premium Funding include:

  • IT Liability
  • Statutory Liability
  • Medical Malpractice
  • Management Liability, and Cyber.

Want to know more?

At Vincents Lending Solutions our experts simplify the lending landscape, bringing considered solutions directly to you from over 70+ financial institutions.  If you would like to arrange a meeting over the phone or via Skype we are open for business and available to discuss all lending-related matters.

An Important Message

While every effort has been made to provide valuable, useful information in this publication, this firm and any related suppliers or associated companies accept no responsibility or any form of liability from reliance upon or use of its contents.  Any suggestions should be considered carefully within your own particular circumstances, as they are intended as general information only.

 

 

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