Do you need assistance with your insurance and workers’ compensation premiums this year?

As if Australian business owners hadn't already had their hands full this year, the dreaded yearly insurance and workers compensation premiums are about to arrive in their mailboxes. Here's how to smooth them all out (and receive a discount if you sign up early!).

If you’re a business owner, you’re well aware that there’s no shortage of large expenses to keep track of at this time of year.

Your annual insurance rates, whether for professional indemnity insurance, product liability insurance, public liability insurance, or any other type of general company insurance coverage, are no exception.

When you factor in your workers’ compensation costs, you’ve got a significant annual financial challenge on your hands.

Fortunately, there is a financing option that might help you manage your cash flow and qualify for a workers compensation early bird discount.

Do you know what Insurance Premium Funding is?

Insurance Premium Funding (IPF) allows you to break down your insurance payments into manageable, affordable monthly installments that won’t wreak havoc on your cash flow like an annual lump sum payment may.

Basically, any company with an insurance premium of $5,000 or more has the option to use IPF if necessary.

The insurance premiums are usually spread out over 8 to 10 months to ensure that they are paid in full before the policy is renewed, and there is usually no security required with IPF.

The early payment discount for workers’ compensation is approaching.

Workers compensation is a popular insurance premium that IPF is utilized for.

Employers who pay their annual premium in full are entitled to a 3 percent to 5% early bird discount in various states (including NSW, Victoria, and Queensland).

However, in order to be eligible for the early bird discount, workers compensation premiums must be paid in full before the early bird deadline (usually in August/September).

As a result, by paying with IPF in advance, you can take advantage of the early bird discount, which helps to offset the cost of IPF.

You can smooth out your business’s cash flow and channel resources towards income-generating initiatives by choosing this route.

Find out more here.

If you’d like to learn more about IPF financing possibilities, contact us right away – especially if you want to take advantage of the workers’ compensation early bird discount.

During these trying times, businesses face a slew of financial challenges, and we’d be delighted to assist you in any way we can.

To learn more, contact Premium Finance Group Australia at (07) 4720 8888 or email us at finance@pfga.com.au


Disclaimer: The content of this article is general and is presented for informative purposes. It is not intended to constitute tax or financial advice, whether general or personal nor is it intended to imply any recommendation or opinion about a financial product. It does not take into consideration your situation and may not be relevant to circumstances. Before taking any action, consider your particular circumstances and seek professional advice. This content is protected by copyright laws and various other intellectual property laws. It is not to be modified, reproduced, or republished without prior written consent.

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