Premium funding

Premium funding enables businesses to pay their insurance premiums in easy-to-manage monthly installments. It is a flexible and convenient alternative to paying large insurance premium costs upfront, freeing up business cash flow for use elsewhere. 

Our Monument Premium Funding service pays your annual insurance bill upfront so you can split the cost into smaller payments. You then pay us in installments. Choose the day and frequency that suits you - fortnightly or monthly.

Who can access premium funding?

Our premium funding option can be extended to most types of Crombie Lockwood commercial and domestic insurance policies. Premium funding is a convenient solution for business owners, including SMEs who may not have access to traditional bank sources of funding.

By avoiding lump-sum payments, you can better manage cash flows for the day-to-day running of your business or reinvest working capital.

How does premium funding work?

Premium financing is like a short-term loan. Crombie Lockwood pays your insurance premiums on your behalf and you then pay us back over time. Because the loan is secured by the insurance policy, we generally do not require additional security. This keeps applications simple and processed quickly.

This is an informal funding facility , and it does not cost anything to have this facility available whether it is used or not.

 Benefits of premium funding

• Easier to budget: no surprises with a fixed interest rate from day one.
  
• Easy set-up: once the direct debit is in place we do the rest.
  
• Consolidate multiple payments: all your commercial insurance policies can be combined into one easy monthly payment.
  
• Speed: fast online acceptance then your insurance is secure straight away.
  
• Tax deductible: credit costs are tax deductible for businesses and registered businesses get the full GST back.
  

Talk to your broker about our flexible solutions customised for your business. To get your insurance payment plan started today contact a broker.