My office has been overwhelmed by the public response to our Insurance Inquiry in August, with hundreds of small businesses sharing their experiences with insurance providers as part of our extensive consultation process.

More than 800 surveys were completed by small businesses and over 20 submissions have been received by industry stakeholders.

It goes to show how important insurance accessibility is for small business.

The feedback we’ve had from small businesses has been both insightful and concerning, with many reporting they have been denied insurance outright.

It’s particularly impacting small businesses seeking public liability insurance, which is essential to their operations.

We’ve heard from a number of small businesses that have been unable to get insurance for natural disasters.

Cost has also emerged as a major issue, with many small businesses complaining their insurance premiums have doubled or even tripled in the past few years.

Over the coming months we will be investigating these reports and examining if small business insurance products are fit for purpose.

Of serious concern has been several reports of small businesses that have had their insurance policies substantially changed and their coverage reduced, without consent and with no refund of premiums. Our inquiry will determine if these practices amount to Unfair Contract Terms.

A final report is scheduled for release in December.

Meantime, small businesses in Victoria continue to struggle with the ongoing lockdown in Melbourne and tough restrictions more broadly across the state.

There’s no doubt this is an incredibly tough time and that’s why my office is supporting the “Click for Vic” campaign.

Launched by the Victorian Government, Click for Vic connects consumers with Victorian businesses offering at-home, virtual or delivered to your door experiences or products.

There has never been a better time to buy local and the greatest gift you can give small businesses in Victoria right now, is by spending with them.

I also welcomed the $26 million mental health investment by the Victorian Government earlier this month.

The enormity of this second wave lockdown and the psychological distress is has caused for small business owners cannot be underestimated.

Given small business loans are often secured against the family home, the stakes are high and that is understandably taking a  huge toll on small business owners’ mental health.

It’s been encouraging to see the Victorian Government is taking this issue very seriously and is responding to the needs of the small business community, who will require ongoing mental health support for the duration of this crisis.

Victorian small business owners can access the support through their local chamber of commerce or by calling the Partners In Wellbeing hotline 1300 375 330.

It’s vital to seek help if you need it. Our My Business Health web portal provides free practical resources to help with running your business and also links to leading mental health organisations such as Beyond Blue.