COST OF BUSINESS: Businesses and local organisations may close if insurance premiums continue to rise – Moynihan

29 July 2017
By Bryan Smyth

Michael Moynihan

Cork North West TD, Michael Moynihan has said that businesses and other local organisations are being pressed to their pin of their collar by rocketing insurance premiums and that unless the Government speeds up its proposed changes, many will go to the wall and close.

Deputy Moynihan was commenting after a number of businesses and local charities contacted him in the past number of weeks complaining about their most recent renewal quotes for their business insurance.

“It’s clear that despite a lot of rhetoric from Fine Gael in government over the past year, very little progress has been made with regard to stemming the spiralling cost of insurance for businesses and people.

“Business insurance, and in particular Employer and Public Liability, is not an optional extra for business owners.

“With spiralling costs, it’s proving harder and harder for businesses owners to meet their costs, and it’s forcing many to reconsider the viability of their businesses.

“This is an issue that will severely hamper local voluntary organisations who, with limited ability to increase their income, face the real possibility of having to reduce the services they provide.

“Government must accept that sitting back, and hoping that the market will calm itself is not an acceptable or viable long term strategy.

“The implementation of the recent Working Group on the Cost of Insurance recommendations must be sped up. This will help to ease the rising cost of insurance for businesses and motorists,” concluded Moynihan.

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