Insurance premiums crippling Coast businesses

Business NSW is calling for urgent insurance reform as soaring premiums place increasing financial strain on businesses across the Central Coast.

Business NSW Central Coast Regional Director Scott Goold said the latest Business Conditions Survey (BCS) reveals that insurance costs continue to be the top financial concern for local businesses, with a staggering 86% facing double-digit increases.

These unsustainable costs are leaving businesses with difficult choices: absorb the increases, pass them on to customers, or forgo insurance altogether, he said.

“Businesses on the Central Coast are facing unprecedented insurance pressures,” Goold said.

“Insurance, more than ever, is a necessity—but when premiums rise at these rates, it becomes an impossible burden for many.

“Some businesses are left uninsured, exposing themselves to financial ruin in the event of a crisis.”

Goold said insurance premiums have been the top financial concern for businesses for nearly two years.

“The slow pace of NSW Government reform is making the situation worse,” he said.

“The NSW Government continues to collect record revenue through the Emergency Services Levy (ESL) and stamp duty on insurance, while the Federal Government’s GST distribution disadvantages our state.

“The result is businesses footing the bill for systemic issues that need urgent reform.

“The NSW Government must press ahead with changes to the Emergency Services Levy, which currently adds more than 20% to business insurance premiums.”