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Liability insurance costs drop for SME retailers and professionals

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Professional indemnity comparator BizCover says SME retailers and professionals are now paying less for public liability insurance.

BizCover says the cost of insurance for small businesses on its platform has dropped to the lowest point in 24 months.

“Small business owners are benefitting from competitive pricing on their business insurance,” co-founder and CEO Michael Gottlieb said.

Pricing for small business insurance fell 3% in the September quarter, according to BizCover’s SME Insurance Price Index. The index is comprised of three industry groups: professionals, trades and services, and retail and hospitality.

The most significant cost benefits were in professional and retail SME, where the cost of public liability insurance fell 13% and 5% respectively in the September quarter, contrasting with steady industry increases in the broader market.

There are more than 2 million SMEs in Australia. A growing number are buying their insurance online, with nearly 100,000 small business customers across Australia purchasing insurance on the BizCover platform, the firm says.