iscoverA new parliamentary inquiry in Canberra has been launched, focusing on challenges in small business and community insurance.
Parliamentary inquiry into small business insurance officially kicks off
05 November 2025
•
9 minute read
On Monday (3 November), the Parliamentary Joint Committee on Corporations and Financial Services launched a new parliamentary inquiry focusing on small businesses, charities and community organisations that are facing challenges in obtaining affordable insurance for public liability and business continuity.
The inquiry was referred to the committee by Dr Daniel Mulino, Assistant Treasurer and Minister for Financial Services, in a move to highlight the government’s commitment to supporting Australia’s businesses and organisations.
You’re out of free articles for this month
To continue reading the rest of this article, please log in.
Create free account to get unlimited news articles and more!
The inquiry was set to be conducted by the committee and would look at the ability of small businesses and community organisations to access insurance coverage in areas such as public liability, professional indemnity, cyber security and threats as well as business interruption.
Senator Deborah O’Neill, chair of the Parliamentary Joint Committee on Corporations and Financial Services, said the inquiry would engage with local community groups, small business owners, insurers and regulators to ensure insurance products remained affordable and fit for purpose.
“We want to ensure small businesses are equipped to succeed in a constantly changing business environment. Charities and community groups are the heartbeat of local life, from weekend markets to surf clubs, holiday camps and sporting organisations,” she said.
“The risks of these small businesses and organisations are unrecognisable from 20 years ago, including cyber threats and Covid. Many are finding it harder to find the insurance they need to operate safely and confidently.”
O’Neill noted the inquiry would consist of the committee looking into the provision, regulation, and pricing of modern insurance products for small businesses and not-for-profit and community organisations in Australia.
This would include, access to insurance coverage which met contemporary business needs, including public liability, professional indemnity, cyber threats and business interruption, as well as the affordability and availability of these insurance products across different regions and sectors such as regional and remote Australia and high-risk industries.
The committee would also inquire about the adequacy of the current regulatory framework in addressing modern insurance challenges and any other related matters.
A spokesperson from the Insurance Council of Australia (ICA) told Accountants Daily the inquiry was a positive step forward for small businesses facing insurance challenges.
“We know that insurance provides an important safety net for small businesses to operate and offer services to their community,” ICA said.
“State and territory governments have a critical role to play when it comes to making insurance more affordable by removing state insurance taxes and reforming laws that are no longer fit for purpose. The insurance industry welcomes the inquiry into small business insurance and looks forward to working constructively with the committee to help find ways to reduce risk and improve affordability.”
The committee has invited submissions from individuals and organisations into the inquiry with submitters advised that the role of the committee was to conduct oversight of ASIC in its role as Australia’s corporate, markets, financial services and consumer credit regulator.
It was noted that the committee would also be required to report to parliament on its findings and recommendations regarding relevant legislation, regulation and government policy.
O’Neill said submissions would close early next year on 6 March 2026 and shared that while the committee was not able to intervene in, or resolve individual disputes, it could draw on individual experiences to inform its broader investigations in connection with this inquiry.
“I appreciate the assistant treasurer’s decision to refer this important inquiry to our Committee, and look forward to working with my colleagues from across the parliament to investigate this issue and report back with meaningful recommendations,” she said.
“We will look into whether the current insurance regulatory framework delivers affordable and adequate outcomes. We will focus on practical solutions to support the people and organisations that keep our communities strong.”
You need to be a member to post comments. Become a member for free today!
