Insurance is a necessity of business. Don't seek to reduce your coverage as a result of increasing insurance cost.Instead, you can spread your payments.
Most insurance policies include a Premium Warranty Clause that states:
“…any premium due must be paid…in full… within sixty (60) days from the inception date of the coverage… In the event… the premium is not paid in full… the cover shall be deemed to have terminated from the expiry of the premium warranty period and we shall be discharged from all liability….”
If you are able to pay your premium within 60 days, your coverage remains effective. However, if you are unable to do so, you can be left without coverage and take on the risk of self-insurance without even being aware of it.
By paying your insurance premium in monthly installments, there will be many advantages as compared to single up-front payment. The immediate benefits will include:
* the ability to pay for the insurance as you use it
* better cash flow management
* simple documentation procedures.
Most importantly, Premium Funding Singapore Pte Ltd helps to minimize your business
cash flow by offering a loan to fund your insurance premium without any collateral.