Help SME’s better manage their cash flow
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Spreading out the payment of expenses over the year could help your SME clients better manage their business cash flow.
Many of their current outgoings, such as salaries, rent, leases, phone, and power are generally paid in monthly or quarterly instalments. However, when it comes to business insurance, most insurers expect them to pay their premium in one lump sum – which can cause a significant strain on cash flow.
By paying their insurance premiums in instalments with Westpac’s Insurance Premium Finance, Connective asset finance brokers can help their clients free up cash flow to use elsewhere in their business.
How Insurance Premium Finance works and how it can help brokers’ clients
Insurance Premium Finance is a short-term lending arrangement that gives your clients flexibility to spread their business insurance payments over a term ranging between six and 12 months. This preserves existing lines of credit whilst spreading the insurance cost over a period of time.
It is available to businesses with annual total insurance costs of $5,000 or more. Repayments are made in equal monthly instalments. Under normal circumstances, no security is required other than the insurance policy.
Insurance Premium Finance is available on most types of business insurances, including: *
• General Business Insurance Premiums
• Motor Fleet Policies
• Public Liability Premiums
• Professional Indemnity
• Motor Registration Fees and CTP Insurance
*These listed insurance premiums are only some of what is offered, all insurance funding must be wholly/predominantly for business purpose with business the major beneficiary.
Insurance Premium Finance can also assist with Workers Compensation premiums
With Insurance Premium Finance, your clients may be able to finance the full amount of the annual premium or instalment amounts as required and can also finance adjustments relating to the previous insurance year.
Find out more
- Talk to your local Westpac Business Development Manager
- Visit our Westpac Insurance Premium Finance webpage
- Watch our handy instructional video on how to use DriveOnline for Westpac Insurance Premium Finance
Things you should know: This article is to be used as general information only and should not be considered a comprehensive statement on any matter and should not be relied upon as such. This document has been prepared without taking into account any individual objectives, financial situation or needs. No member of the Westpac Group or any of their employees or directors gives any warranty of accuracy or reliability nor accepts any liability in any other way, including by reason of negligence for any errors or omissions contained herein, to the extent permitted by law.
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