Insurance problems could cripple Irish publicans, VFI says

Nearly one in four pubs are struggling to insure their premises...

Publicans have warned that ever-increasing insurance premiums are putting businesses and jobs at risk.

According to a new Vintners Federation of Ireland (VFI) survey, 37% of pub owners have found it difficult to secure insurance for their premises, with 88% recording a rise in premiums over the past two years.

Almost 40% of pubs saw a hike in premiums of between 10% and 20%, while 34% had to pay between
20% and 30% more.

Some 15% have had to contend with major jumps of between 30% and 40% in the cost of insurance. 

When asked to rank the varying costs of running a pub, business insurance was cited as the cost of most major concern even ahead of commercial rates and TV subscriptions.

A report from the National Competitiveness Council (NCC) earlier this year found that insurance costs are one of the issues of “greatest concern to businesses” in Ireland.

VFI CEO Pádraig Cribben said: 

“The findings of our research amongst VFI members are quite alarming when you consider that over a third of publicans are having difficulty insuring their business and a staggering 88% have seen their premium increase in the last two years.

“Rising insurance premiums are yet another crippling cost publicans face in addition to a host of other costs. The reality of the situation is that these insurance costs are hampering the progress of small business owners and publicans across Ireland and it’s crucial the Government recognise this and offers its support."