SME Ombudsman’s inquiry response ‘overwhelming’
The Small Business and Family Enterprise Ombudsman says the public response to an insurance inquiry announced two weeks ago has been “overwhelming”. Make your submission here.
The inquiry has received 264 business responses to an online survey as of 6 days ago. “While we are only in the early stages of the inquiry, it is clear the small business community supports the work we are doing in this area,” Ms Carnell said. She called the inquiry in response to complaints about policy denials and soaring prices, and will look at issues including exclusions and the fitness for purpose of market offerings.
“I’m particularly concerned about a number of cases where small businesses with current insurance policies have been subjected to major changes that have reduced their coverage without their consent, and with no refund of premiums,” Ms Carnell says. “Our inquiry will look at this in more detail and consider if these practices amount to unfair contract terms.”.
Small and family businesses that have faced difficulties with their insurance companies are encouraged to complete this online survey or email inquiries@asbfeo.gov.au. The survey closes on Sunday 30 August 2020.
Submissions welcome from insurance industry stakeholders. Email submissions to inquiries@asbfeo.gov.au by Sunday 23 August 2020.
A final report is expected to be released in December.
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