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Small businesses are paying up to 30% extra in insurance premiums due to state and territory government taxes and levies, according to a new report by the Australian Chamber of Commerce and Industry (ACCI).
This, along with other rising costs, is pushing many small businesses to underinsure – or avoid insurance altogether.
ACCI chief executive Andrew McKellar said it’s vital for small businesses to take proactive steps to manage their risks, including:
* Engaging an insurance broker to avoid over- or under-insuring
* Undertaking a risk audit to identify threats such as cyber-attacks
The report also recommends government action to help reduce insurance costs for businesses of all sizes, including:
* A Productivity Commission review into small business and insurance costs
* Modernising civil liability laws to improve access to public liability insurance
* A dedicated government funding body to support small business insurance literacy and risk management
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