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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.

 

Tradies Love Trade Risk

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

  • "real;y good"
    Tercom Pty Ltd | Tradesman Insurance |
  • "The price was on point and the service was also great."
    | Tradesman Insurance |
  • "Excellent customer service and easy payment options"
    | Tradesman Insurance |
  • "The team always helpful."
    | Tradesman Insurance |
  • "They were pleasant to deal with when I first took the policy out and I am happy with their service."
    Gary Rodney Latcham | Tradesman Insurance |
  • "Easy to use, heaps of advance notice for when insurance is expiring. Great communication."
    Ricky Gan | Tradesman Insurance |
  • "Price is great Some emails and returning my calls were non existent even after asking a second time I rang for different premiums with increased excesses, spoke to someone, received no reply, rang again and left message but was not rung back"
    Richard WIlliam Morris | Tradesman Insurance |
  • "Pretty good .. jus t let us know the insurance is goin up if ur automatic do it"
    Ben Andrew Kerkham | Tradesman Insurance |
  • "Everyone I spoke to was helpful friendly and informative. But the computer system was down so I was not able to apply online myself or pay immediately over the phone. But I cannot fault the staff who did all in their power to help make insurance simple and easy as possible. Thankyou!"
    James Cameron | Tradesman Insurance |
  • "TradeRisk just make it so easy with their online tools."
    Alister Andrew Campbell | Tradesman Insurance |
  • "Easy to renew insurance"
    | Tradesman Insurance |
  • "My renewal quote was significantly less expensive than other companies could offer. The renewal process was simple and efficient. I've (thankfully) never needed to make a claim on a policy so cannot comment of the procedure here. I hope I never have to."
    | Tradesman Insurance |
  • "Yes I would recommend them, very efficient and prompt."
    Alan Sharpe | Tradesman Insurance |
  • "Quick and easy....Good value."
    G.a Turner & T.l Turner | Tradesman Insurance |
  • "Great trade insurance A+"
    | Tradesman Insurance |
  • "Very helpful good value and friendly would recommend"
    | Tradesman Insurance |
  • "Good experience."
    KNR Services Pty Ltd | Tradesman Insurance |
  • "Excellent service and nothing was a problem and a pleasure to talk to"
    | Tradesman Insurance |
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