Businesses still face costly insurance in spite of reform
Chief executive of ISME Neil McDonnell said that businesses involved in dynamic activity — such as sport, adventure, children, equestrian — are “either getting a quote that is unaffordably high or you are being refused a quote altogether”.
Since the start of the year numerous business groups have been raising concerns about the increasing cost of doing business, largely due to wage-related changes by the Government, but flying under the radar is the cost of insurance which has been increasing despite attempts at reform.
The additional costs this year are mainly cited as due to an increase to the minimum wage to €12.70 an hour, an increase to employer PRSI contributions, and statutory sick pay increasing to five days. Pension auto-enrolment is also expected in the second half of this year.
