Looking for business insurance payment options? Read this.
Expenses can add up quickly. As a business owner you are always keeping a close watch on opportunities to manage each and every expense that comes your way. Right now if you are googling “average business insurance cost Canada” you are not alone. We understand.
This is why we guarantee financing options for every ALIGNED client. We know that the cost of insurance is on your mind. We want to make it simple and straight-forward to find a business insurance payment option that works for your organization.
How does financing your business insurance premium work?
It manages your cash flow. That is to say, it streamlines when you pay your insurance premium and puts you in the driver’s seat when it comes to managing expenses.
Financing also makes paying your premium more convenient – you don’t have to be concerned about a lump-sum payment when you buy or renew your commercial insurance. At ALIGNED we do insurance differently, and that’s why we’ve partnered with FIRST Insurance Funding of Canada (FIRST Canada). Together, we deliver a simple and convenient financing solutions for all of our clients.
4 immediate benefits of choosing premium financing
Here’s specifically how FIRST Canada works to make it simple to finance your business insurance premium:
- “Premium financing is like a short-term loan.
- FIRST Canada will pay your insurance premiums on your behalf and you pay back that loan over time, typically between nine and twelve months.
- Interest rates are fixed so your payments are consistent and protected from rate fluctuations.
- Interest is calculated on a declining balance and may be paid off at any time and only calculated up to the month of full repayment.”1
6 more ways that financing your business insurance premium delivers value
In addition to the benefits listed above, there are more. For instance, when what your business earns doesn’t match your expenses, insurance premium financing can provide stability. Shortfalls in cash flow can and do happen. As a result, spreading out costs is often the simplest way to gain control when cash flow isn’t consistent.
Above all, financing can be a simple solution for your business. For instance, you can:
- Preserve cash. Easy monthly payments are simple to manage.
- Reinvest your working capital. Direct your capital when and where you want to while paying your insurance premium.
- Manage available credit. Unlike a loan, premium financing typically doesn’t affect your business overdraft, credit lines or borrowing capacity.
- Combine and consolidate. Once a month you can pay all of your business insurance premiums.
- Lower your costs. The cost of using lines of credit, credit cards or selling investments can quickly add up. In other words, premium financing fixes your interest costs. A fixed cost may be lower than alternatives.
- Access flexible solutions. Your business insurance is customized. And you can also customize how you pay your business insurance premium(s). 2
ALIGNED insurance brokers of Canada are proud to deliver customized solutions for each and every client. If you haven’t got a business insurance premium financing quote from us yet, we can help line up options for you now.
Want to reduce your business insurance costs? Here are 3 ways…
Costs always matter. When the economic forecast isn’t great as well as when things are running smoothly.
So consequently, reviewing business insurance cost is important. Cost reviews are a regular part of your due diligence. You may assess costs on a quarterly or annual basis. Or during tough economic times, you may be looking at your costs on a monthly or even weekly basis.
We know that managing costs are always important to our clients. That’s why we’ve outlined three specific ways you can reduce business insurance costs. Read all three here.
Other options for paying your business insurance premium
Transfer your payment by email
E-transfer. Yes, we accept e-transfers! An email transfer through your financial institution may be the simplest solution for your paying for your commercial insurance premium. To transfer funds electronically via email to ALIGNED Insurance you just need to:
- Send to firstname.lastname@example.org
- Meanwhile, in the message section of the email transfer, note your Invoice and Account numbers.
- After that, ensure we have your transaction password. Send a second email to email@example.com that includes your transaction password.
Use a credit card to pay your premium
Credit card. Many insurance brokers of Canada do not offer the option of using a credit card to pay for your premium. Credit card payment is often not accepted due to the considerable fees that credit card processing companies charge for transactions.
However, ALIGNED is different. We offer our clients the option of paying for commercial insurance Canada invoices with a credit card. This is a service we exclusively provide to our clients.
For many clients, the simplicity of paying by a credit card is welcomed. As is the ability to collect points when paying by credit card.
Set up a direct deposit or wire payment
Another business insurance payment option that ALIGNED clients can use are direct deposits or wire payments. If your business is transferring funds from one currency, a direct deposit or wire payment may be a payment solution that makes sense for your business.
We are here to help you find the best solution for your business insurance premium payments. Contact your ALIGNED Advocate or call us toll-free at 1-866-287-0448 to learn more about wire or direct deposit payments.
Write and mail a cheque
Canada Post is another option. The mailing address for ALIGNED Insurance National Operation Centre in Cambridge, Ontario is below. Our Accounting team members are based at our offices in Cambridge.
ALIGNED Insurance Inc.
380 Jamieson Parkway, Suite 11
Questions? You can call our National Operations Centre at:
519-804-1055 or 1-866-287-0448 (toll-free)
If you ever have a specific question about your invoice or who to make the cheque payable to, please contact your ALIGNED Advocate directly.
To sum up, we’re here to help.
We know the “average business insurance cost Canada” is on your mind. In short, this is why we have business insurance payment options that can help. Talk to ALIGNED insurance brokers of Canada now about your insurance needs.
Our people are here to help you align the best insurance solutions from insurance companies in Canada.
Source: 1,2 First Insurance Funding of Canada: Smooth Out Your Cash Flow with Premium Financing