Making sure you have adequate coverage from your insurance policies is vital for every growing business – or family! Yet making this step often brings the added pressure of funding upfront premium costs. So how can you ensure you meet these obligations? Insurance Premium Funding is a practical solution which can help you meet those premiums and ensure you have everything covered.
A SIMPLE WAY TO BALANCE THE COST OF YOUR INSURANCE PREMIUMS
So what exactly is Insurance Premium Funding? Essentially, it’s a loan which allows you to split the cost of your premiums into regular monthly payments. This means your Premium Funding provider pays for your policies upfront, and then you repay this back in fixed monthly instalments.
In the vast majority of cases, we would normally look at 10 instalments, but we can also arrange 11 and 12 instalment plans. In some cases, we can make quarterly payments and we now have a provider that can take payments from credit cards! Plus, with no additional securities required, your policy secures the loan.
While this does mean you’ll be paying interest, stretching out payments gives you the benefits of freeing up cash flow for other parts of your business or household commitments. The interest you pay may also be tax deductible, and it can also be extended to most other types of insurance policies including domestic premiums.
To explain this further, we’ve linked to a video which shows you how it works.
WHY CHOOSE US?
At Balance, we’ve partnered with the largest and most reliable lenders with a long history in Insurance premium funding. With over 20 years experience working with businesses and individuals small to large, we’re committed to working with you to fully understand your risks and developing a relationship with you for the long-term.
FIND AN OPTION THAT WORKS FOR YOU
Anything else you’d like to know? Don’t hesitate to get in touch with us to chat about Premium Funding options. We’ll help you understand what’s available and arrange a quote for you.