With 34% of Australian SMEs being uninsured and 23% underinsured, most small businesses are facing a new financial challenge as they are putting their future on the chopping block by failing to have the right insurance plan to protect themselves against significant risks. Currently, only 43% of Australian SMEs are fully covered from insurable business risks, and the inhibiting element is the high cost of insurance plans. Until now, floods, bushfires, and the Covid-19 pandemic have had a significant negative impact on Australian businesses. And lately, supply chain disruptions and rising inflation have increased the claims costs for insurance companies, leading to higher premiums.
