Business EnvironmentChamber Updates

Inquiry into Insurance Companies

2 August, 2020, Posted By tvlchamber

The Australian Small Business and Family Enterprise Ombudsman Kate Carnell is concerned about a growing trend of insurance companies denying small businesses insurance and pricing them out of the market, launching an inquiry into insurance affordability and availability today. The inquiry will investigate the practices of the insurance industry that impact small businesses and consider whether small business insurance products are fit for purpose, targeting 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 Small and family businesses that have faced difficulties with their insurance companies are encouraged to complete this online survey ¬†or email [email protected]

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