What is Premium Funding?
Premium Funding allows your business to spread the cost of its insurance premiums over the year. Rather than paying your annual premiums upfront, you can borrow the value of your premiums and then pay them off in monthly instalments, plus interest.
KBI has relationships with several Premium Finance Companies and would be pleased to provide you with a competitive quote.
Can Premium Funding help my business?
The primary benefit of Premium Funding is that it prevents the need for a large outlay of cash. Premium Funding might be considered by:
What are the benefits of Premium Funding?
There are many reasons that a business might choose Premium Funding over paying insurance premiums upfront or borrowing from other sources. These include:
Conserved cash flow
Premium Funding frees up cash for profit-generating activities.
Flexible payment options
You can make your instalments in a number of ways, including by debit and credit card.
An additional line of credit
You can borrow to cover your insurance premiums without affecting existing finance arrangements like overdrafts.
A simple application process
KBI will organise quotes from trusted Premium Funding Partners. Once you pick a program, the application is simple.
No collateral required to your assets
Security for the loan is absorbed over your insurance policies. You will not need to offer assets as collateral or make additional financial guarantees.
Tax deductible interest
Your commercial insurance premiums and the interest charged on Premium Funding are both tax deductible.
Our Premium Funding Partners
Insurance Premium Funders Code of Practice
The Australian Finance Industry Association (AFIA) and its Insurance Premium Funding members are currently setting up an industry code for Premium Funders. All of KBI’s Premium Funding partners back the Insurance Premium Funders Code of Practice.
For more information about the Code of Practice, click here: AFIA Insurance Premium Funding Code of Practice