WorkCover Insurance Premium Funding

Insurance Premium Funding

Jayrose Group Australia partner with Elantis Premium Funding to deliver cost-effective, flexible premium funding solutions. Such funding can be utilised for not only your workers compensation premiums but for any other insurance program that needs to be paid on a regular basis.

The benefits of WorkCover Premium Funding for a business include:

  1. Improved cash flow – frees up working capital for other higher income return generating opportunities
  2. Interest charges can be tax deductible
  3. Flexible repayment options (monthly, quarterly)
  4. No additional security required – the insurance policy acts as the security
  5. No impact on the ability to utilise an existing line of credit with their bank

Insurance Premium Funding FAQs

What if my bank has provided me with a cheaper premium funding quote?
Banks can lack flexibility and do not endorse premiums and/or restructure contracts for return premiums. Altering direct debits, quoting in arrears or delaying a payment may also be a challenge.

What if I have surplus funds to pay for the premiums upfront. Why would I apply for funding?
You could earn a better reinvestment rate by funding your premiums and therefore using your surplus cash back in your business.

The Interest costs seem expensive.
Interest costs are usually tax deductible and funding your premiums frees up your cash flow to gain a better return in your business.

I don’t have the time to apply for another credit facility (premium funding).
Premium Funding is simple to set up and no additional security is needed as the policy itself acts as security.

I have my own bank overdraft facility in place which is cheaper than the premium funding quote.
Premium Funding is an easy way to free up your bank facility for other business-related expenses.

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