Jobs ‘Armageddon’ warning over insurance hikes

MORE than 1,200 small businesses are operating without public liability insurance because they cannot afford premium increases of up to 250%.

The Small Firms Association (SFA) has warned thousands of jobs will be lost unless something is done to curb crippling insurance costs. Research by ISME (Irish Small and Medium Sized Enterprise Association) and the SFA found the hike in insurance costs has forced the closure of an estimated 100 small businesses, with the loss of 3,000 jobs, over the last two years.

SFA director Pat Delaney said those figures will rise ahead of the introduction of the Personal Injuries Assessment Board (PIAB), which it is hoped will cut payouts and lead to reductions in premia.