Ms Tracy Sheridan:

During Covid, when we were first closed, it was a bit of a fight to get insurance paused. We did eventually, after many meetings, begging and pleading. A three-month refund at the end was the best-case scenario for most businesses, but we had to pay the whole way through. Many businesses did not manage because insurance premiums are astronomical. The premiums are huge, and have been since 2017. I am heartened to learn that motor insurance premiums have come down in price, but the cost of personal liability and employer liability insurance most certainly has not. It has gone up by 16% since the judicial guidelines have come in. I have no idea why that is. It is not only that. Even if the premium does not go up, there are increases by stealth because particular activities are not covered or the excess goes up, without any claim being made. There are many ways in which premiums need to come down, more than just the headline cost. We certainly need to see that happening very quickly. This Bill can really contribute to that. The big issue is that, ultimately, the current system is unfair to businesses. The costs that insurance is accruing for businesses cannot be sustained. Ultimately, that is down to the legal fees. Those fees have to be taken out of it, however it happens. It must happen quickly. This Bill is great work, but change has to happen fast, because businesses are closing one after another. We are all hanging on by our fingernails and we need help.