How Insurance Premium Funding Helps Your Cashflow
One of the factors that helps with the management of business cashflow is when your expenses can be paid at regular intervals. Consider how you pay salaries, rent and other on-going business expenses in manageable installments. However, when it comes to business insurance most insurers expect you to pay the full year’s premiums in one lump sum, which in many cases can place significant strain on your cashflow. At Finmore Capital, your business insurance premiums can be handled in regular installments with Insurance Premium Funding.
At Finmore Capital we Assist Businesses Nationwide with Insurance Premium Funding
- As small as $5,000
- Can be a combination of Insurance Premiums Bills
- Flexible Terms from 6 to 12 months
- No financials are required for Premiums up to $75k
- No additional security required
How Insurance Premium Finance Works
Insurance Premium Finance is a method of short-term lending that allows you to spread your business insurance premium payments to suit your cashflow. It is available to businesses with annual insurance premiums of $5,000 or more. Repayments can be made in monthly installments over terms between six and 12 months. Under normal circumstances no security is required other than the insurance policy. Guarantees may be required for premiums in excess of $250,000; however exceptions may apply for Professional Indemnity Insurances.
Applicable To
Insurance Premium Finance is available on most types of business insurances, including:
- General Business Insurance Premiums
- Motor Fleet Policies
- Public Liability Premiums
- Professional Indemnity
- Motor Registration Fees and CTP Insurance
- Work Cover and Workers Compensation
Benefits
- Eliminates the need for a large up-front payment to an insurance company
- Retains cashflow / Preserves line of credit and credit cards
- Multiple insurance policies can be attached to a single premium finance contract, allowing for a single payment plan to cover all insurance coverage
- Spreads the cost of the annual premiums over the insurance term
- No lump sum payments
- Insurance policy is used as a security on cancellable insurances up to $250k
- Tax Deductible
- Affords the ability to consolidate various Insurance premiums in one finance contract -hence the single monthly repayment
- Same day approval / settlement or payment of your bills