FSB to tackle minister on business insurance crisis

A senior delegation from the Federation of Small Businesses will be meeting the Minister for Enterprise Trade and Industry, Ian Pearson next Tuesday.

The delegation will press for urgent action by the Government to tackle the growing high insurance crisis which is crippling small businesses in Northern Ireland.

Ahead of the meeting Wilfred Mitchell, FSB Policy Chair said: “This meeting will be one of the most important the FSB has ever had with a Government Minister in Northern Ireland, as so many businesses and jobs depend on the Government taking the right course of action.

“The Government must acknowledge that market failure has occurred in the Insurance Industry as many small businesses find themselves unable to get insurance cover at any price. Unless the Government take action to immediately establish a ‘pool’ funded by the Insurance Premium tax, then we are looking at thousands of jobs and small businesses being lost.

“The Government are pumping millions of pounds into Invest Northern Ireland to help establish small businesses, which will count for very little if those wishing to start up on their own find they cannot get insurance cover.

“The Law states that a small businesses must have insurance to trade, if they cannot get insurance because of market failure then it is up to the Government to take action”

The delegation will include Glyn Roberts, FSB Parliamentary Officer, Wilfred Mitchell, Policy Chair and Mr John Gillis, an FSB member whose company is on the verge of closure because of high premiums.

(SP)