SME retailers and professionals, including real estate agents, have seen price reductions on their Public Liability insurance.
The news comes despite inflation and despite the fact prices have remained steady across other products and occupations.
In the last quarter, the annual inflation rate in Australia rose to 1.6 percent, with food inflation at its highest in five years and transport costs increasing steadily.
But according to BizCover, the increase did not affect the cost of insurance for small businesses as prices on their platform dropped to the lowest point in 24 months.
The BizCover SME Insurance Price Index showed while the overall pricing for small business insurance had remained steady for several quarters, there had been a sharp 3 per cent decrease in the most recent quarter (Q1FY20).
The Bizcover SME Insurance Index is comprised of three industry groups, Professionals, Trades & Services and Retail & Hospitality.
Whilst all three groups have experienced no increases in the overall prices for their insurance, there have been changes within product groups and industries.
The most significant cost benefits can be seen in Professionals and Retailers, who have seen a 4 per cent step decrease from the prior quarter across all products, driven by both a 5 per cent (Retail) and 13 per cent decrease (Professionals) in the price of their Public Liability insurance for the most recent quarter.
This contradicts the steady industry increases seen for Public Liability Insurance in the broader market.
Michael Gottlieb, Co Founder and CEO of BizCover, said he sees no immediate changes for SMEs when it comes to their business insurance.
“While costs may be rising for Australian’s across other essential utilities and services, it’s positive to see the transparency and contestability of the BizCover platform means small business owners are benefiting from competitive pricing on their business insurance,” he said.
The Full Report can be viewed here: SME Insurance Price Index