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When starting and running a small and medium sized business there is always risk involved. This is why business insurance is so important for business owners to manage these risks, reduce uncertainty and protect business finances. Business insurance can cover your company for a wide range of risks. It can ensure that you, your employees, and any members of the public who interact with your business are protected.
There is no one-size-fits-all approach to your SMEs business insurance, which is why you cannot spare the expense of insurance. If your business does not have insurance, then any sort of legality issues or liability claims could lead to out-of-pocket costs and the possibility of bankruptcy for small or medium sized businesses.
In Australia two forms of insurance are compulsory for most businesses. These two are worker’s compensation and if you operate any vehicle, compulsory third party insurance. However, common types of business insurance focus on assets, revenue, liability, and personnel. These include professional indemnity/liability, property, public liability, product liability, theft, and commercial vehicle insurance.
The type of insurance you purchase for your SME, will depend on the type of operation you run. While you will naturally want to cover your business from every possible risk, a lot of insurances can be expensive. As you purchase the compulsory insurances, the additional insurances will put some financial strain on your cash flow around the time annual premiums need to be paid.
The last thing you would want to do for your SME is disrupt a positive cash flow and risk the payment cycle of the business. Therefore, it is not only important to have insurance in place for your business, but it is also important to have the means to pay for your insurance without risking your healthy cash flow. It is not uncommon for a small or medium sized business to not have the ability to pay their yearly insurance premiums, without putting stress on their business finances. This is why Grow Finance has an Insurance Premium finance solution for small and medium sized businesses.
As a non-bank lender who provides tailored finance options for SMEs, Grow Finance provides an insurance premium finance option that delivers your business with the simplicity and convenience you need. It’s easy, your insurance broker will put all your insurance policies into place as per usual. Then instead of you getting an invoice for the yearly premium payment, Grow Finance, or your chosen lender, will set up an agreement for the premium to be paid by you in easy monthly instalments. Grow Finance provides your small or medium size business with an easier and inexpensive way to smooth out your cash flow and operating costs, while still ensuring your business is insured.
Non-bank lenders provide SMEs with the chance to continue operating without impact to their cash flow, all while having comprehensive insurance. No SME will be left without insurance, or with an interrupted cash flow, with Grow Finance’s Insurance Premium Finance solution. If your SME is looking to learn more about Insurance Premium Finance, get in touch with the Grow finance team today, call 1300 001 420, or find out more, here.