NIBA's Appearance at the Small Business Insurance Inquiry

NIBA appeared before the Parliamentary Joint Committee on Corporations and Financial Services last week, putting the broking profession's case for small business insurance reform directly to Parliament.

CEO Richard Klipin was joined by President Nicholas Cook, Vice-President Rebecca Wilson, and Policy and Advocacy lead Ben Marshan. In his opening remarks, Klipin framed the stakes plainly: "Australian small businesses and not-for-profits today operate in an environment of rising complexity — cyber threats, intensifying natural catastrophes, evolving global political risks, and escalating regulatory obligations. Access to professional insurance and risk advice in this environment is essential."

Klipin drew on NIBA's recent client research to illustrate the broker value proposition. "When small businesses and not-for-profits have access to brokers, they receive better advice, more appropriate insurance coverage, superior claims outcomes, and greater confidence in the protection of their assets and livelihoods."

The data backs this up: 95% of broker clients see their broker as critical to claims resolution, 98% of broker-supported claims are successfully resolved, and brokers save clients an average of 20 hours of administrative time per claim.

NIBA's twelve recommendations — drawn from its March 2026 submission — addressed three themes. The first targets the consumer protection gap in the Corporations Act, where small businesses purchasing commercial products such as public liability, professional indemnity, cyber and business interruption insurance are not classified as retail clients, leaving them with materially weaker protections.

The second calls for state and territory reform, including national harmonisation of workers' compensation and abolition of insurance-based emergency services levies.

The third addresses sector-specific challenges across not-for-profit cover, public liability cost drivers, cyber education, and SME resilience grants.

NIBA thanks the Committee Chair Senator Deborah O'Neill for the opportunity and will continue to work constructively with the Committee as the inquiry progresses.