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Insurance Crisis crippling Australian Small Businesses
06/12/2021
A couple of weeks ago Perth Live’s Word on the Street, revealed small business, Wild Kidz would be shutting its doors after operating for the past 20 years. The Wangara based business simply couldn’t find any insurers locally or internationally to cover their public liability.
Today, the Australian Small Business and Family Enterprise Ombudsman, Bruce Billson, released the report, The Show Must Go On, finds a Discretionary Mutual Fund (DMF) is the most practical and durable solution to enable the amusement, leisure and recreation sector to remain operational in a hardened global insurance market.
“In this hardening market, one of the pointy ends of it is this amusement, leisure and recreation sector and we were there about 20 years ago, and we’re back there again, where insurance companies are just saying ‘No. We’re not going to insure you, we don’t think it’s worthwhile’ and that leaves businesses like Wild Kidz just left.” said Billson on Perth Live.
Billson went on to explain that the solution of introducing a(DMF) will work well, but requires states, territories and for local governments to accept it.