A strategic partnership between Indigenous Business Australia (IBA) and NRMA Insurance aims to pilot support for Aboriginal and Torres Strait Islander businesses with a discount on small business insurance.
Through the partnership, IBA small business customers will have access to a discount off the standard NRMA Insurance base premium. The discounted rate will be applied by NRMA Insurance to all eligible Aboriginal and Torres Strait Islander businesses.
The new partnership between IBA and NRMA Insurance will give access to insurance that could provide First Nations businesses with more affordable assurance.
According to research to be released by IBA, the Aboriginal and Torres Strait Islander business sector grew by more than 50% between 2016 and 2021, to reach 29,200 business owner managers.
IBA supports businesses throughout the whole business lifecycle and an important element in managing a business is ensuring the right insurances are in place. Insurance can support and protect small business owners from the financial impact of interruptions in their business operations, property damage, loss in case of disasters or accidents, and legal liability claims.
NRMA Insurance is the first insurer to collaborate with IBA to offer a discount for First Nations businesses with intentions to expand the pilot to a panel of insurers once tested.
Insurance is an important protection for small business owners, giving them the confidence to start their business and the support needed should the unexpected happen.Julie Batch
NRMA Insurance CEO
“Through this partnership with IBA we want to help First Nations business owners achieve their business goals by offering a discounted insurance rate as well as providing educational support to help IBA customers better understand the role of insurance and what is covered,” Ms Batch continued.
IBA Acting CEO Leo Bator said: "Our pilot partnership with NRMA Insurance creates more pathways for Aboriginal and Torres Strait Islander business owners to access insurance.
“Operating a business can be hard work. Finding ways to support our customers and First Nations communities to manage risk is a positive outcome. This collaboration aims to provide options for our customers, enabling them to focus on their business."
Disclaimer: The information contained in this material is general in nature and not tailored to your particular circumstances, objectives or needs. IBA has not considered the terms and conditions of the product(s) offered by the provider and does not endorse the provider or its product(s). If you are eligible and decide to apply for products or services from the provider, you should obtain independent financial and legal advice before signing any documentation or making any significant financial decisions and you should rely upon your own independent advice and inquiries. IBA takes no responsibility for any damage or loss suffered by you in relying on the information in this material.