Australian Small Businesses Advocate for Insurance Premium Reforms

The escalating costs have led to calls for a coordinated national response to alleviate the burden on small businesses. Key recommendations from the report include:

• Abolishing taxes on insurance policies to reduce overall costs.
• Initiating a Productivity Commission review to assess small business insurance expenses.
• Establishing a national support body dedicated to small business insurance and risk management.
• Collaborating with insurers to develop tailored insurance products that meet the specific needs of SMEs.
• Reforming civil liability laws to create a more balanced legal framework.

Andrew McKellar, CEO of the Australian Chamber of Commerce and Industry, stated that insurance should serve as a fundamental safety net for small businesses rather than becoming an unmanageable financial burden. He noted that numerous businesses have reported premium increases of 30% or more within a single year, underscoring the urgency for reform.

For Australian SMEs, this situation highlights the importance of proactive engagement with insurance providers and brokers to explore cost-effective coverage options. Additionally, staying informed about potential policy changes and advocating for reforms can contribute to a more sustainable insurance landscape for small businesses.