Fianna Fáil TD for Limerick, Niall Collins says businesses across the county are at risk of going under as a result of the crippling costs of business insurance.
Deputy Collins was commenting following the tabling of a Fianna Fáil Dáil motion which seeks to shine the spotlight on how rising business insurance costs are putting severe pressure on businesses.
“The National Competitiveness Council has cited the incredibly high cost of doing business in Ireland, with business insurance costs contributing heavily to the pressure businesses are facing. Large increases in employer and public liability insurance premiums are dramatically cutting profit margins making it more and more difficult to keep businesses afloat.
“There has rightly been a keen political and media focus on the major difficulties faced by motor insurance consumers in recent years but much less of an emphasis on the rising insurance costs faced by businesses.
“Without urgent action, insurance premiums will soon become unsustainable for many businesses forcing business owners to choose between taking out insurance or not. This practice is extremely risky and threatens the viability of the businesses involved.
“The government seems to think that the publication of the Cost of Employer Liability and Public Liability insurance was the solution to the problem and have failed to follow up on the recommendations. This inaction is extremely damaging and while the government continues to sit back, businesses are struggling to cope with rising costs. Inaction is no longer acceptable and we will be putting pressure on the government to properly address this serious issue,” concluded Collins.
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