Law Council of Australia

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Inquiry into small business insurance

Submission Date: 2 April 2026

The Law Council of Australia provided a submission to the Parliamentary Joint Committee on Corporations and Financial Services as part of the inquiry into small business insurance in Australia (Inquiry).

This submission is in three parts. Part 1 addresses matters identified as general small business insurance concerns by the Law Council’s constituent bodies. Part 2 identifies matters directly linked to the legal profession as a category of small business. Part 3 addresses issues linked to civil liability and tort law reform.

In the Law Council's view, it will be important for the Inquiry to consider the various economic and other drivers that may be impacting the availability and affordability of products for small businesses across insurance classes. In particular, the Law Council notes the need for a multi-faceted approach to address concerns of small businesses that are facing multiple challenges in obtaining insurance, even in circumstances where they have invested heavily in risk management and mitigation measures.

The Law Council has identified some areas that the Inquiry could consider in its deliberations that may assist in striking the balance between the rights of injured parties and the ongoing viability of the insurance industry. This submission highlights:

  1. the importance of clarity and simplification of insurance contracts and product disclosure;
  2. the importance of investing and making available evidence-based risk mitigation strategies linked to reducing premiums; and
  3. specific measures to enhance the resilience of small business to cyber risks.

The Law Council expects the issue of tort/civil liability reform to be raised in the context of the Inquiry. However, the Law Council considers that civil liability settings and processes are broadly appropriate, and that they are primarily a matter for the states and territories.

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Last Updated on 17/04/2026

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