Comparison service BizCover says its SME Insurance Price Index rose 1% in the second quarter compared to the first due to more large businesses with higher premiums using the online platform.

The retail component of the index rose 2% after a sustained drop that began 12 months ago, driven by demand for contents cover from firms with revenues of more than $400,000.

The trades index was flat overall as a 5% decrease in costs for portable equipment offset a surge in the price for contents, which represents a relatively low proportion of policies within the trades sector.

The professional sector has stabilised at the lower price levels set last quarter.

Bizcover, which says it has assisted over 100,000 SMEs, is encouraging larger firms that have traditionally gone through a broker to try its platform, saying highly competitive cover can be obtained within minutes.

The panel of insurers includes QBE, AIG, Hollard, Vero, Berkley and some Lloyd’s underwriters.