'We paid €10k in insurance for our business a decade ago, now it's €125k' - owner of popular food hall and restaurant
The owner of a popular family-run business which had an insurance premium of €125,000 for 2019 says he is "dreading" the end of January.
Eoin McCambridge, managing director of McCambridge's food hall, deli and restaurant on Shop Street in Galway, fears the company's premium will be hiked up once again next month.
The business has been in the McCambridge family since 1925 and he said his 84-year-old father can't fathom the cost of running a company nowadays.
"He looks at the figures and says 'what are we doing?'... our insurance was only around €10,000 a decade ago," Mr McCambridge said.
Please log in or register with Independent.ie for free access to this article.
Up to 80 people are employed by the company but between rates and insurance, he hasn't been able to expand the business since 2012.
"It's quite a labour-intensive business but I find the busier you are and the harder you work, the harder you get hit. I can't reinvest at the moment, I can't expand or hire new people.
"We were looking into expanding but when we weighed up the costs, it couldn't be done. Years ago bins and water costs were included in your rates but now we're paying €20,000 per year alone on bins."
Mr McCambridge is a director with campaign group the Alliance for Insurance Reform.
He has been highlighting the issue for two years.
"The Government isn't doing enough. They're saying they can't do this and they can't do that due to competition laws and the Constitution but something needs to be done."
Mr McCambridge says despite no claims being brought against the company in the last two years, the premium has still increased.
"With the cost of everything, it's getting harder and harder to compete."