Almost half (47%) of all small businesses admit they are inadequately insured, a national report commissioned by NRMA Insurance has found.
While the report found the biggest issue remained cost, an increasing number of owners are blaming insurance complexity and time constraints for this situation.
"In fact, not having enough time to make sure they were adequately insured was the second-most cited reason for under-insurance," NRMA's chief general manager of commercial insurance John Pearce says.
The other key finding to emerge from the survey is that 30% of businesses conducted a proper review of their insurance only after they had been broken into.
"This is a staggeringly large figure, especially when put into the context of a recent Chamber of Commerce/NRMA Insurance survey that found half of the businesses in rural and regional areas had been broken into in the last 12 months," he says.
"The clear message from this research is that small business owners need to take the time to make sure they are adequately insured before it is too late, because the sad fact is that business premises are becoming targets of thieves, and without adequate cover you will suffer."
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