ACT Businesses Confront Higher Insurance Premiums Compared to NSW

The inquiry aims to explore several key issues:

• The reasons behind the disparity in insurance costs between the ACT and NSW.
• The impact of these higher premiums on local businesses, especially within the hospitality industry.
• The role of factors such as public liability requirements and climate change in influencing insurance costs.

Business owners operating in both regions have observed notable differences in insurance expenses. For example, Ben Johnston, who owns venues in both the ACT and NSW, has highlighted the financial strain caused by higher premiums in the ACT.

Understanding the factors contributing to these cost differences is crucial for restaurant and café owners in the ACT. By identifying the underlying causes, businesses can advocate for policy changes or seek alternative insurance solutions to alleviate financial pressures.

In the meantime, hospitality businesses in the ACT are encouraged to:

• Engage with industry associations to stay informed about the inquiry's progress and potential outcomes.
• Review their current insurance policies to ensure they are receiving the most cost-effective coverage.
• Implement risk management practices to potentially lower their risk profile and, consequently, their insurance premiums.

By taking these steps, restaurant and café owners can better manage the challenges associated with higher insurance costs and work towards more equitable solutions.