Two parts of every business that everyone needs, nobody understands, but it always seems like it’s too much to pay!

FINANCE

Here’s a simple task – work out the interest rate on the last truck or piece of equipment you financed. Don’t look at the rate on the paperwork because it’s most likely not the actual rate you’re paying.

What?!?

Here’s a quick breakdown on commercial finance. There’s what’s called the headline rate – that’s the number you can see on the paperwork with the “%” after it.

Then there’s the effective rate – that’s what you’re really paying and have no idea about.

The finance broker needs to get paid for the job and that payment (or commission) is usually added into the amount being financed. The broker is then paid upfront by the finance company and you pay it off over the term of the finance.

But how much commission did the broker make?? However much they wanted to because they don’t need to tell you. You just have to pay for it.

We’ll look through all of your finance contracts and see if you’re getting the right deal. If you’re paying too much then you’re burning money instead of diesel. We can work with you to restructure your finance commitments, save you money, and make certain that the finance you have is the finance that you need.

INSURANCE

We’ve never met anyone who likes paying insurance premiums but without insurance your business is left exposed to risk that you can’t afford.

You might get an opportunity to take on a new contract that’s going to really benefit the business. Good for you and well done on gaining the opportunity. But…Are you covered by your current insurance?

Perhaps you had a few claims a couple of years back but now have better procedures in place to lessen the risk that existed previously. But…Did your premiums go down?

There are two main questions to ask when it comes to insurance. Do you have the right cover and are you paying the right premium?

Does your insurance broker understand your business, what you transport, when and where you go, and who drives your vehicles? Is your annual review mostly them talking about things you don’t really have any interest in other than “how much is it going to cost”? Do you even get an annual review with your broker??

Don’t be worried or uncertain because you’re not sure and can’t seem to get a straight answer. We can sit with you, understand what insurance coverage you have, review everything that you need with you, including when opportunities arise, and then discuss if there are any shortfalls or changes that should be made. We’ll also make certain you have someone on your team who will get you a competitive review of your policies and your premiums every year.

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