Each week, Business Cover Solutions distils the biggest stories shaping risk, insurance and compliance for Australian businesses. Expect clear, concise recaps of policy changes, industry developments, cyber and safety trends, and real-world impacts on day-to-day operations. We sort the signal from the noise so owners and managers can stay informed, anticipate obligations, and make confident decisions. Trusted, practical, and timely—your reliable briefing to start the week on the front foot.
This Week:
This week: affordability pressure persists as budget transparency funding is labelled too small; NSW moves to scrap the Emergency Services Levy, which can add around 40% to business premiums; cyber threats rise on connected farms with many lacking cover; and the Industry Growth Program pauses new applications from 12 May, creating planning uncertainty for SMEs and startups. Practical focus: compare policies at renewal, track ESL changes in NSW, tighten cyber basics and consider cyber cover, and keep core insurances matched to your current stage while grants are on hold.
EPISODE 1955 | Business Cover Weekly Risk and Insurance News | Sun, 24th May 2026
28 May 2026 | Paige Estritori
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Read Full Transcript:
Hello and welcome to Business Cover Weekly Risk and Insurance News, Im Paige Estritori, and its Sunday 24 May 2026.
First, insurance affordability is still biting. Consumer groups say the federal budgets small allocation to premium transparency — about $3.4 million over four years — wont shift costs without stronger resilience measures and clearer pricing on renewal notices. For businesses, that means premiums are likely to stay tough in high‑risk areas. Make time at renewal to compare policies, check exclusions, and look for cover that matches the risks you actually face.
Meanwhile in New South Wales, the government plans to remove the Emergency Services Levy, or ESL, from insurance and replace it with a property‑based charge. The opposition warns of a “new tax”, but options released this week indicate more than half of insured properties could pay less than under the ESL. For SMEs, the ESL can add around 40% to business premiums, so any change to how its collected could reshape budgets. Keep an eye on the timetable and speak with your broker before your next renewal.
On cyber risk, new research warns farms are becoming prime targets as more equipment goes online, yet many still dont see cyber cover as essential. One in five agricultural businesses have suffered a cyber incident, and remote access to systems is a weak spot. Whatever your industry, treat cyber like any other operational risk: lock down remote access, back up data, rehearse an incident plan, and consider cyber liability alongside your other protections.
And for founders, the Industry Growth Program — thats the IGP — has paused new applications from 12 May while the government reviews settings and shifts some uncommitted funds. Existing agreements continue, but planning uncertainty is real for startups and SMEs banking on grants for hires or scale‑up. Revisit timelines and cash buffers, and ensure your essential covers — like public liability, professional indemnity and cyber — stay aligned to your current stage so momentum isnt derailed by a funding pause.
Thats the wrap. For clear comparisons and tailored options for your business insurance, head to business-cover.au. Have a productive week and stay safe.
The information on this website is general in nature and does not take into account your objectives, financial situation, or needs. Consider seeking personal advice from a licensed adviser before acting on any information.
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Knowledgebase
Umbrella Policy: An additional insurance policy that provides extra liability coverage beyond the limits of the insured's primary policies.
