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Monthly payments for public liability, tool insurance and other forms of general insurance.

Like most insurance brokers in Australia we use a method known as ‘premium funding’ to give our clients the convenience of monthly payments.

When you choose to pay your insurance monthly, we will establish a premium funding facility on your behalf.

The premium funding company pays the full annual premium to the insurance company, and you then make twelve monthly payments to the premium funding company via direct debit.

We use a company by the name of Premium Funding Pty Ltd for most of our clients choosing to pay monthly, however some clients may be with Elantis or Principal.

Why do we use premium funding?

Many insurance companies do not offer monthly installments on their business insurance policies, which would normally force businesses to pay annually.

Instead of forcing you to pay annually, premium funding allows you to spread your insurance premiums over any period up to twelve months.

Can I cancel my monthly contract?

You can cancel your premium funding facility and insurance policy at any time. If you would like to do so you will need to contact Trade Risk.

It’s important to note that cancelling your insurance will not mean that your monthly payments immediately cease, or that you do not owe any money.

Once your policy has been cancelled, you will be advised of a payout figure for your monthly contract.  This figure may include any accrued interest charges along with commissions and broker fees received by Trade Risk.

For more information regarding these costs please refer to our Financial Services Guide.

What if I stop making payments?

If you cease making your monthly payments at any time, either by choice or due to cashflow issues, the premium funding company has the right to cancel your insurance policy.

Before this happens we will contact you to see if there is any way we can help.

Even if you stop making payments and your insurance is canceled, you may still be liable for interest fees and charges relating to your premium funding facility.

Are there any extra fees?

It is more expensive to pay your premiums monthly, however the monthly premium we have quoted you is the total amount you have to pay.

In addition to the monthly premium we have quoted there will also be a $30 admin fee charged along with your first monthly instalment. This fee will only be charged once per policy period.

The reason for the increased cost is that the premium funding company charges an interest rate on the annual premium rate. This is because the premium funding company is paying the full premium upfront and allowing you to repay it over a longer period.

Dishonour fees may apply to your monthly payment plan.  This fee varies depending on which provider we have used.  Refer to the contract we supply to you or simply call and ask us.

Is this a loan?

Premium funding is a loan. The premium funding company pays the annual premium to the insurance company, and you then repay the loan in twelve monthly installments along with interest.

More information

If you would like more information about premium funding and why we use it here at Trade Risk, please contact your insurance adviser directly or call our office on 1800 808 800.

Note: Premium funding is not used for life insurance products including income protection, TPD and trauma insurance. These types of policies are paid monthly directly to the insurance company.

 

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In 2017 Trade Risk was awarded a Gold Trusted Service Award for the amazing service we offer to thousands of tradies from around Australia.

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