FSB urge action on high insurance premiums

The Federation of Small Businesses (FSB) has repeated its call for urgent action to lower insurance premiums before jobs and businesses are lost.

The call came, following a meeting of FSB members and local political parties at the Glenavon House Hotel in Cookstown last week.

One of the main issues raised was that in many instances it was not the cost of insurance but that many businesses cannot secure appropriate insurance at any price.

Speaking at the event, Wilfred Mitchell, Northern Ireland Policy Chair, said: “The small business community in Northern Ireland is facing a huge crisis with these massive hikes in insurance premiums of between 200% and 500%. Unless urgent action is taken to lower premiums, then jobs will be lost and small businesses will be forced to close.

“Small Businesses make up the vast majority of business in Northern Ireland and is the engine room of our local economy. If the insurance industry does not wake up to this fact, that their high premiums are crippling small business, then our whole economy could be affected, with jobs put at risk.

“Although the cost of all commercial insurance cover is going up, businesses are finding it particularly difficult to secure employers' liability and public liability insurance."

As a result of the meeting a committee was formed to pursue the issue and to lobby the relevant policy makers. (MB)