Business Owners Fear Insurance Premiums Will Force Companies To Close
Business owners are warning that rising insurance premiums will force the closure of companies in Cork and around the country.
A number of traders in Cork have joined forces to form the Business Insurance Reform Group challenging what they claim are the imbalances in public liability insurances
The group say insurance premiums for some of their members have doubled in the past year as insurance companies are choosing to settle claims rather than fight them in court as it's more cost effective.
The group are looking for a number of reforms in the insurance sector including the reduction of a claim period from 2 years to 28 days, owners to be notified before any settlement is reached and an overhaul of the Book of Quantum.
Liam O'Flaherty of Mermaids Bar and Restaurant in Listowel told RedFM News that they will be forced out of business unless the system is changed
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