Belgravia Finance has shared some information with TMAA members about premium funding options for WorkSafe Victoria and WorkCover insurance.
What is insurance premium funding?
Instead of paying your business insurance premium as one large lump sum, premium funding lets you spread the cost over the year. It's a short-term lending arrangement that breaks your Worksafe premium into equal monthly instalments over a 10-month term, so the payment fits more comfortably alongside your other business costs.
No extra security is needed to set this up. The insurance policy itself acts as security for the loan, which keeps things simple.
Why members might consider it
For businesses in traffic management, where cash flow can be tight between jobs and payment cycles, spreading out a premium payment can free up funds for other priorities. According to the information provided by Belgravia Finance, premium funding may offer a few practical benefits:
- Interest charges can be tax deductible
- The interest rate is fixed for the life of the loan, so you know exactly what you're paying each month
- It frees up cash that would otherwise be tied up in a single premium payment
- No additional security is required, as the insurance policy covers this
- It doesn't affect any existing credit lines or finance facilities your business already has in place
Discount dates to note
WorkSafe Victoria WorkCover Discounted Premium dates for businesses paying their WorkCover premium in full:
- Pay in full by 17 August 2026 and receive a 5% discount
- Pay in full by 1 October 2026 and receive a 3% discount
If your business is in a position to pay upfront, these dates are worth diarising. If not, funding the premium over 10 months may still be a useful way to manage the cost without putting pressure on cash flow.
Want to know more?
Members with questions about how premium funding works, or who want to check whether it suits their business, can get in touch directly with Belgravia Finance.
Contact: David Clarke, CEO, Belgravia Finance
Mobile: 0417 289 656
Email: david_a_clarke@belgraviafinance.com
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