Insurance is a must-have for business peace of mind, but paying annual insurance premiums can tie up cash flow needed for day-to-day operations. BOQ Finance's Insurance Premium Funding helps your customers make their insurance premium payments in smaller, regular repayments, smoothing out their cash flow for more certainty.
Our experienced team can work with you to find the best price and loan structure for your customer’s specific business needs.
Benefits at a glance:
Free up cash flow
Avoid the disruption to cash flow that comes from lump sum annual insurance premiums. Customers can spread their cash flow commitments over 3 to 18 months, releasing their cash to invest in business growth.
Save time with fast approvals
With a simple application process, efficient approval and quick settlement, you can secure premium funding for your customer sooner, so they have one less thing to worry about and can focus on running their business.
Choose repayment frequency
Your customer can choose how often they pay insurance premium instalments for greater certainty and easier cash flow management. Plus, flexible settlement structures allow for a more affordable funding solution.
Support your customer with confidence
Our insurance premium funding experts also bring deep industry knowledge. We’re here to answer your questions, provide guidance and secure the right loan terms for your customer’s business to help them succeed.
What's on offer:
- Covers most types of business insurance including motor, public liability, professional indemnity and industrial specialist risks
- Minimum $500 insurance policy up to multimillion dollar corporate policies
- No application fees for policies under $10k
- Application fees range from $40 to $250 for policies for cover over $10k
- No dishonour, cancellation or restructure fees. Merchant fees may apply
How it works:
Our simple, efficient process gives your customers a more affordable and convenient way to pay their annual insurance premiums. Here’s how it works:
Step 1:
You share your customer’s insurance premium invoices, and a quote request form, via secure API or email.
Step 2:
We give you a premium funding quote detailing the proposed price and loan structure.
Step 3:
You present the quote to your customer and your customer accepts the offer.
Step 4:
We approve the lending.
Step 5:
We settle the insurance premiums with the insurer.
Step 6:
Your customer makes repayments to us at the agreed frequency.
