Small businesses are facing an insurance cost crisis which can no longer be ignored according to the Chairman of the Small Firms Association (SFA), AJ Noonan.
Mr Noonan today referenced recent figures which showed that Insurance costs have increased by 29.6% since 2011.
Between 2012 and 2014, the Central Bank has tracked a rise in the frequency of claims and an increase in the average cost per claim of 8% in private motor, 27% in employer liability and 8% in public liability. Mr Noonan has warned that ‘Ireland’s compo culture’ has been allowed to get out of control in recent years.
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