2021 looks set to be among the most promising years on record for the earthmoving industry. With the Federal government having earmarked construction as one of the key sectors to help lead Australia’s post-Covid economic recovery, opportunities for growth are certain to present themselves. Access to the right financing and insurance will be crucial for businesses throughout the industry wanting to take full advantage of these favourable conditions.
An equipment finance broker can help you capture opportunities when they arise in your business by offering customized solutions to your financing needs. A finance broker’s role is to support what is best for your business and assist in making it happen. There are several key reasons why engaging a broker is beneficial for your business:
- A broker offers an independent view on the best finance solution to your business’s needs. They can walk you through any fees and charges, and ensure that the payments are affordable and match the expected life of the equipment;
- Brokers can walk you through different finance products and their key benefits;
- Due to their relationships with the major lenders, established brokers can often secure your business a better rate;
- Funding through an equipment finance loan generally means you aren’t restricting your borrowing capacity with your primary lender;
- You can engage an accountant to discuss solutions with your broker to ensure you maximise tax benefits;
- Brokers focus on service: they manage all the paperwork and make the purchase easy;
- Speed of service: brokers are equipped to be more agile than a lender and can get you approved and settled quickly.
Equipment finance brokers are here to make your life easier and to assist with all your finance needs. Finding a broker that knows your industry, has access to insurance solutions, and embraces the right technology, can be an invaluable asset as you grow your business.
Have an insurance expert on your side
An insurance broker can help you identify any risks, both current and potential, your business faces to ensure you have the right protection in place.
When opportunities for new work arise, it is good to consider the specifics of each project. Will you need to employ more staff or purchase new equipment? Any changes to your business can affect your business’s insurance policies, so it is important to discuss these with your insurance broker. Forgetting to notify your broker can mean you do not have the right insurance coverage when you need it most.
An insurance brokers’ service does not end once they have arranged your insurance policy, but will advise you throughout the claims process, and advocate on your behalf with insurance companies. A good insurance broker will assist you from enquiry through to payment of the claim.
Using both an equipment finance broker and insurance broker will save you time, offer industry specific expertise, and help to ensure you capture and maximize the opportunities that arise in your business.
Moody Kiddell & Partners are winners of the 2020 Australian Earthmoving magazines Consultancy of the Year award.
For finance or insurance for your business, contact Moody Kiddell on 1300 000 657 or visit www.mkpgroup.com.au for a no obligation discussion.