Jade Finance provides Insurance Premium Funding as part of our portfolio of commercial finance facilities for business facing large commercial insurance premiums. While consumers have the convenience of paying many of their annual insurance premiums ‘by the month’, the same arrangement is not always readily offered to business.
Fortunately, for businesses with large annual premiums that they are not in a position to pay in one annual payment, Jade Finance can assist with a specialised funding arrangement without the business risking being uninsured.
Insurance Premium Funding (IPF) provides funding to business by essentially extending a loan for the insurance premium which is then repaid by fixed monthly payments. Essentially turning an annual insurance premium into manageable by-the-month, quarter or half-year payments.
Many businesses across various industry sectors use IPF to ease pressure on cash flow and keep operational without additional funding support. In the transport sector, businesses may face large premiums for carrier liability of have a large fleet vehicle insurance premium. For other sectors it may be pubic liability, insuring high stock levels, professional indemnity premiums and standard insurance on high value equipment and machinery.
Depending on your industry sector and the type of insurance, premiums from around $5,000 up to $1m+ may be financed by IPF. Paying large premiums by instalments throughout the year to the lender rather than the insurer, for an interest fee.
As with all our commercial finance products, your Jade consultant will negotiate the best interest rate and terms for your IPF.
Businesses can retain their full insurance coverage to minimise exposure to risk, while improving cash flow via an easy to implement strategy. Issues such as tax deductibility should be addressed by your accountant or financial controller.
If your business growth plans have been stymied and burdened by large insurance premiums for years, this could be your light bulb moment. Contact Jade Finance and see what our consultants can offer to ease that burden and support your business.
Speak with a Jade Finance Consultant to discuss your unsecured business loan requirements. Call 1300 000 008