A report conducted by BizCover has revealed the fastest-growing small business sectors in Australia. The report collates all new small business insurance policy leads from 2023 and 2024, to conduct a comprehensive analysis to identify the small business sectors that have been growing and those that have been slowing in 2024.

BizCover head of marketing Sharon Kenny says that due to circumstances it can be difficult for small businesses to grow but it is not impossible.

“In a time when economic challenges and rising costs are making It harder than ever for small businesses to thrive, it’s inspiring to see that some industries are continuing to adapt and grow,” she says.

BizCover analysed the overall volume of small business insurance requests to determine which small business sectors saw the most growth in 2024.

“This is a reliable indicator of industry growth,” Sharon says.

“Simply put, more new business insurance requests correlate to more new small businesses.”

The report finds that out of over 70 small business sectors the top three that had the most growth in 2024 were aged care and disability care, followed by cleaning and gardening and lastly post-construction services.

Post-construction services had the third largest volume of small business insurance requests in Australia, whereas building and construction stood at number 20.

This indicates that more small businesses are focusing on post-construction services rather than building and construction, reflecting a growing demand for these specialised services.

Post-construction was among the three top-growing small business sectors in five out of the eight Australian states, with South Australia, ACT and Tasmania being the exceptions.

Western Australia had the biggest YoY growth for post-construction services with an increase of 19%.

Following this came Victoria at 16% and then South Australia at 10%.

ACT saw a dramatic decline in post-construction services however, with a 14% drop from 2023.