More and more, business need to watch their expenditure and find ways to reduce costs. When you are trying to maintain cash flow in your business, it can be difficult when faced with a large annual bill.
One of the easiest ways to spread these costs over the year is to go with a monthly payment option wherever you can. With this in mind, it might be a good idea to change your insurance payments to a monthly option rather than getting your bill annually.
Public Liability Insurance is one of the types of insurance where monthly payments might be more manageable for you and your business.
Why pay my Public Liability Insurance monthly?
The main reason that businesses opt for a monthly option is because monthly payments are a good way of spreading the cost of Public Liability Insurance over the whole year. Businesses often find it is more manageable financially with monthly payments rather than getting an annual bill, which always seems to arrive at times where there is not as much cash flow.
Another reason may be that you only need your Public Liability Insurance for a short time and want to pay monthly until you no longer need the insurance. Remember that the majority of Public Liability Insurance policies are annual and you may have to pay extra to cancel early.
What is premium funding?
One way of setting up monthly repayments is through premium funding and is a good alternative if your insurer doesn’t offer monthly repayment options.
With premium funding, you set up a contract with a funding company. The company will then pay the full annual amount of the Public Liability Insurance and then you repay the premium on a monthly basis to the funding company.
If you want to cancel your policy early, the funding company will contact the insurer and you will need to pay any additional costs that come with the cancellation.
What is the alternative to monthly repayments?
As explained, premium funding is one of the most popular alternatives to monthly repayments. However, with premium funding there are additional fees and charges involved.
The other alternative to monthly repayments is to pay your Public Liability Insurance on an annual basis. The benefit of annual payment is that you get it out of the way in one go and don’t need to worry about it again for the next year.
It’s important to remember that some insurers offer monthly repayments at an increased rate compared to annual amount.
Where can I find more information or get a quote?
If you’d like more information about our monthly repayment option for Public Liability Insurance or any other insurance needs, check out our website at www.alltradescover.com.au or give us a call at All Trades Cover on 1300 826 850.
Here at All Trades Cover, we offer monthly repayment options on your Public Liability Insurance at no additional cost to you.
If you’d like to go ahead with Public Liability Insurance, you can obtain quote from us by completing an easy online form.