Dublin Pubs Being 'Crippled' By Rising Insurance Costs
An increase in the cost of insurance is "crippling" publicans in the capital, according to a survey conducted by the Licensed Vintners Association (LVA). The group, which acts as the representative...
An increase in the cost of insurance is "crippling" publicans in the capital, according to a survey conducted by the Licensed Vintners Association (LVA).
The group, which acts as the representative body for Dublin publicans, claims that its 550 members saw their insurance costs rise by 20 per cent between 2015 and 2016.
In response to the findings, the LVA have called on the government to urgently carry out an independent review of the business insurance market before it reaches crisis level, reports the Irish Independent.
"Insurance costs for Dublin publicans are a very serious expense, typically ranging from €15,000 to €25,000 per annum. However, many larger LVA members, especially in the late bar scene, are facing premiums of €50,000 to €100,000 per annum," said LVA chief executive Donall O'Keeffe.
The group is also worried about the lack of transparency regarding how claims are settled with many by-passing the Personal Injuries Assessment Board. Factors such as the level of compensation awarded and false or exaggerated claims are responsible for the rising insurance costs according to the LVA.
O'Keeffe added: "Action must be taken immediately before these outrageous increases force businesses to the brink, putting jobs at risk in the process. The government cannot allow business insurance costs to threaten the viability of this sector."