BizCover BizCover is a proud sponsor of the Small Business Development Conference supporting the NEIS Association (New Enterprise Incentive Scheme) and BECA (Business Enterprise Centres Australia). It was held in Melbourne in early October.

Melbourne – the capital of Victoria – is a vibrant, multicultural city. It’s laneways host an array of bustling small businesses, from bars and cafes to boutiques, galleries and theatres. Indeed, Melbourne is a fantastic city in which to start a small business.

As the leading insurance platform in Australia, BizCover has helped small businesses nationwide find insurance that fits their needs. Backed by reputable, APRA-regulated insurers with proven financial strength, BizCover helps to give small business owners the peace of mind they need when buying insurance.

An oversupply of capacity and competition in the insurance market over the last few years has helped drive down the price of professional/business insurance for Australian SMEs. Since the start of FY 2012/13 SMEs have benefited by a drop in rates of 24 basis points.

The Quarterly BizCover Small Business Insurance Index has shown that Australian SME’s may have enjoyed the end of declining insurance premiums with an increase of 5 points in the second quarter of FY2015/2016, the first increase seen in 10 quarters.

Australian small businesses are at risk of underinsurance, with a recent report showing that many SMEs have become complacent and have no protections in place if a negative event were to occur.

Above are actual examples of real Australian small business owners saving money. That money is reinvested back into their business, helping them to provide their communities with their service or product.

Whilst the Australian Small Business and Family Enterprise Ombudsman is running an inquiry into the availability and pricing of insurance for SMEs, BizCover can report that overall the 120,000 small businesses insured through its platform are benefitting from a continued period of steady pricing for their insurance with the release of the BizCover SME Insurance Index for Q1 FY21.