NRMA Insurance has partnered with Indigenous Business Australia (IBA) to introduce a new pilot program offering Aboriginal and Torres Strait Islander businesses discounted small business insurance.
The program will provide eligible businesses within IBA’s client base a reduced rate on NRMA Insurance’s standard base premium.
The collaboration is designed to improve access to insurance for First Nations business owners.
According to research by IBA, the number of Indigenous businesses grew by more than 50% between 2016 and 2021, reaching 29,200 business owner-managers.
IBA provides support across the entire business lifecycle, and a critical aspect of business management is risk protection. Insurance plays a key role in safeguarding business operations from financial setbacks such as property damage, business interruptions, and legal claims.
According to NRMA Insurance, this partnership marks the first time an insurer has worked with IBA to offer a discounted rate specifically for Aboriginal and Torres Strait Islander businesses.
NRMA Insurance CEO Julie Batch said the collaboration enables the company to help First Nations businesses achieve their goals by offering reduced insurance rates and providing educational resources to improve understanding of insurance coverage.
“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,” she said.
NRMA Insurance indicated plans to expand the program to a wider group of insurers once the pilot has been evaluated.
Leo Bator, acting CEO of IBA, noted the importance of creating pathways for Indigenous 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,” he said.
The partnership to improve First Nations businesses’ insurance access follows the extension of NRMA Insurance’s outdoor billboard campaign featuring Indigenous artwork.
Originally launched in 2019, the campaign features art from Indigenous artists and acknowledges the traditional custodians of the lands.
In July, the insurer extended the billboard campaign to include locations in South Australia and Western Australia.
The expanded campaign now includes five new artworks, with billboard placements on traditional lands such as Wonnarua, Wiradjuri, and Dharawal in New South Wales, and Yinggarda and Ngarrindjeri in Western Australia and South Australia.
The insurer also partnered with National Indigenous Television (NITV) to produce a documentary series titled “Our Stories: Connecting with Country,” which highlights the stories of four Indigenous artists whose works are featured on the billboards.
