Premium Funding looks after the payment of your insurance premium upfront and allows you to make repayments in manageable, monthly instalments. This gives you greater control of your cash flow and keeps more capital in your business so that you can operate more efficiently. It also allows for consolidation of your insurance arrangements and the interest competent of your repayments may even be tax deductible.
Benefits of premium funding include:
- Improved cash flow and liquidity and working capital retained
- Interest charges are usually tax deductible (refer to a tax accountant or tax advisor)
- Flexible payment plans can be tailored to suit specific needs
- Simple application process
- Automated direct debits from a bank account or credit card (merchant fees apply to credit card transactions)
- Extra premiums can be easily added to an existing loan
- Interest rates are fixed for the term of the loan providing certainty of your monthly commitment
- No loan service fees or ongoing monthly charges
- Potential tax deductions
Premium Funding is a flexible payment option we offer to further accommodate your insurance needs. It’s another way McLardy McShane is there for you and your business.