The Australian Small Business and Family Enterprise Ombudsman (ASBFEO) has launched an inquiry to investigate the practices of the insurance industry that impact small businesses and consider whether small business insurance products are fit for purpose.
Affected tourism small business operators may be interested in contributing to this inquiry.
The inquiry responds to a growing trend of insurance companies denying small businesses insurance or pricing insurance policies out of reach.
The inquiry will target a range of issues affecting small businesses including:
• The availability and coverage of insurance policies provided to small business
• Insurance policy affordability
• The role of brokers in getting the right coverage
• Contract changes that have not been agreed to and whether they amount to unfair contract terms
• Timeliness of insurance payouts and effectiveness of dispute resolution frameworks
• The effectiveness of relevant codes of conduct and legislation, including if applicable penalties are adequate
The inquiry is seeking input from small and family businesses that have faced difficulties with their insurance companies via an online survey until Sunday 30 August 2020. The final report is expected to be released by December 2020.
Source: Destination NSW