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Despite strong price increases in the business insurance market, SMEs are continuing to benefit from flat pricing.
Whilst the market at large has seen an increase in the cost of business insurance, the BizCover SME Insurance Price Index shows that overall pricing for SME insurance has remained flat over the last year.
The BizCover index is comprised of 3 industry groups, Professionals, Trades & Services and Retail & Hospitality. Whilst all three groups saw have seen no increases in the overall prices for their insurance, there have been changes within product groups and industries. The Full Report can be viewed here.
Trades have seen increases in cost of cover for Portable Equipment and those in Retail have also seen cost of cover for Glass and Theft increasing, and both sectors saw no changes to the cost of their Public Liability insurance.
SME Professionals have been seeing increases in their Public Liability insurance over the last few years, however this year the increases were minimal. SME Professional Indemnity insurance prices have also remained flat over the last 10 quarters, this is contrary to what is happening in the broader Professional Indemnity market.
Michael Gottlieb, CEO of BizCover, sees no immediate changes for SMEs, commenting “SMEs face significant pressure when it comes to business related costs, and in a time where most other costs are increasing it is great to see that their insurance costs remain stable when purchased through the BizCover platform, particularly for those SMEs in low risk industries.”
“Even though they are not experiencing price increases on their policies, we are seeing a growing number of SMEs using the BizCover platform to reduce their insurance costs with comparable cover.”
Download the full report here.