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Hope over rocketing liability premiums
Page 5
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• Hauliers who are being priced out of business by rocketing employers' liability insurance premiums may soon be thrown a lifeline by the government.
The British Insurance Brokers' Association (BIBA) says haulage is one of eight sectors where companies are finding it increasingly expensive to obtain employers liability insurance because insurers need to recoup mounting losses. Waste hauliers and tanker firms are said to be particularly vulnerable to large premium rises ( CM1521 August).
But a meeting between BIBA and officials from the Treasury and the Department for Work and Pensions has raised hopes of special measures to help small and medium businesses that cannot cope with these costs.
BIBA chief executive Mike Williams says the officials were "very receptive" to its proposals, which include pooling insurance arrangements for specific industry groups and putting a ceiling on the insurers' liabilities.
This issue is now firmly on the government's agenda," he says.