Insurance Premium Funding | Australia-Wide

Australian equipment finance brokers Isaac Hough and Brad Spencer from Ledge, having a meeting in the boardroom.

Insurance Premium Funding in Australia

At Ledge Finance, we specialise in Insurance Premium Funding, providing Australian businesses with flexible and affordable financing options to manage their insurance premiums.

What is Insurance Premium Funding?

Insurance Premium Funding (IPF) is a business financing solution that allows you to spread your annual insurance premiums into manageable monthly instalments rather than paying a large upfront sum.

This helps improve cash flow by easing the financial burden without compromising on insurance coverage.

Terms generally include flexible repayment options, spanning from 6 to 12 months, based on the premium size, your financial circumstances, and the insurer’s requirements.

An insurance premium financing broker can tailor a solution to your budget and cash flow requirements.

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SSH Group, Managing Director, Daniel Cowley-Cooper and Ledge Finance Ltd, Finance Executive, Neil Ferguson

Do you need Insurance Premium Funding?

Adequate insurance is crucial for protecting your business against unforeseen risks and liabilities. It ensures that your assets, employees, and operations are covered in the event of an accident, legal claim, or disaster – providing financial security and peace of mind.

An Insurance Premium Funding loan allows you to retain essential coverage without the burden of large upfront costs. This offers greater financial flexibility, enabling you to allocate resources more effectively and focus on growing and managing your business.

It is a simple and cost-effective method that can be used for any commercial or domestic insurance, including workers compensation, theft and burglary, property insurance, professional liability, and more.

Contact our team today if you want to learn more about insurance premium financing.

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Facilitating insurance premium finance for ICON Engineering

ICON Engineering, based in Perth, Western Australia, has provided engineering services to the oil and gas industry for over 25 years.

We spoke to Chris Harrigan, CFO at ICON Engineering and here is what he had to say about partnering with Ledge for insurance premium finance.

Clean Energy Australia and Ledge Finance teams standing in front of a white Clean Energy tanker in a warehouse

We secure tailored Insurance Premium Funding solutions

The team at Ledge Finance are specialist brokers who work on your behalf to secure Insurance Premium Funding solutions tailored to your needs.

Operating for over 40 years, we have built strong relationships with a variety of lenders, from niche Australian lenders to large international banks. These relationships provide us access to lower interest rates and more flexible options for our clients.

At Ledge, we recognise that no two businesses are alike. Our team of finance specialists will take the time to understand your business’s unique circumstances before explaining the insurance premiums available to you. Every solution we provide is tailored to each client.

Customer service is central to all that we do. Our commitment to service drives us to go the extra mile to meet, if not exceed, our clients’ expectations.

Our exceptional service and superior product offerings have established our reputation as one of WA’s leading insurance premium finance companies.

Contact our team today to free up your cash flow with premium business insurance or to learn more.

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Benefits of premium funding insurance

Here are some benefits of premium funding for insurance in Australia.

By spreading the cost of insurance premiums over time, businesses can preserve working capital and avoid large upfront payments.
Consolidating multiple premiums into a single loan streamlines the repayment process, enabling you to make just one payment per period instead of juggling several payments for different policies.

This helps to reduce administrative tasks and make budgeting easier.
IPF is an unsecured business finance solution. Policies underpin the finance contract, creating a seamless and fast process from application to approval.
The term of an IPF contract can range from 6 to 12 instalments (subject to approval) over the life of the insurance policy, allowing you to choose a structure that aligns with your business’s cash flow.

Choosing a repayment option and settlement terms that suit your business will help you manage your cash flow, which is particularly important for businesses with seasonal or fluctuating activity throughout the year.
IPF will help you in balancing your cash flow, giving you the capacity to invest in other aspects of your business, including product development, maintenance, hiring new staff, upgrading equipment, and more – while preserving the resources required for smooth day-to-day operations.

Partner with Ledge for your insurance premium funding

Don’t allow the burden of paying your business insurance in one lump sum prevent you from protecting your business. IPF is a flexible option for any type of business insurance product.

At Ledge, we are a specialist insurance premium finance company that provides IPF solutions to a wide range of businesses.

To see how you can consolidate your annual insurance premiums into flexible payment options, or to update your commercial insurance premium financing, speak to Ledge Finance directly or contact our office. We’ll happy to assist you.

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FAQs about insurance premium funding

To assist you in navigating IPF, we have compiled some of the most frequently asked questions received by our executive team:

What is insurance premium financing?

Insurance premium financing is essentially the same as insurance premium funding.

Both terms describe the practice of obtaining a loan to cover insurance premiums. This enables businesses to distribute the cost over time rather than paying the entire premium upfront.

Who typically uses insurance premium funding?

Insurance premium funding is commonly used by businesses, organisations, and individuals who need insurance coverage but prefer to spread the cost of premiums over time to manage cash flow effectively.

What types of insurance premiums can be funded?

Insurance premium funding loans can be used for various types of insurance premiums, including public liability, professional indemnity, workers' compensation, commercial vehicle insurance, and property insurance.

Most commercial insurance policies can be financed, depending on the terms set by the insurer and lender.

How is the interest rate determined for insurance premium funding?

The interest rate for IPF is determined by several factors, including the premium size, the length of the funding term, and the borrower's creditworthiness.

Larger premiums may lead to lower interest rates, while longer repayment terms could result in higher rates.

The financial health and credit score of the business seeking funding also play a role, with those with stronger credit histories generally qualifying for more favourable rates.

Furthermore, the type of insurance policy being financed and the current market conditions can also influence the rate, as some policies are considered less risky than others.

Lenders usually offer fixed interest rates for the duration of the loan, ensuring predictable monthly payments for the borrower.