Dublin City Business Improvement District(BID), today announces it has teamed up with First Ireland, a leading independent insurance broker, to provide a group insurance scheme for its 2,500 members. The scheme allows members to avail of reductions of 20% on their existing premium. A 60% take-up of the scheme would translate into an overall potential annual saving of €1.2m for Dublin City BID members. 

According to new data provided by Dublin City Business Improvement District (BID) and First Ireland Insurance Brokers, members of the city centre BID area will spend an estimated €10m on insurance premiums for their businesses annually. This figure looks set to rise even further with rate increases being sought by insurers across all classes of business. This comes at a time when trading conditions are tougher than ever and businesses are seeking to cuts costs wherever they can. 

Dublin City BID has responded to the rising cost of business for its members by negotiating a new group scheme with leading insurance broker First Ireland. As well as significantly reducing insurance premiums, the scheme will also afford BID members access to free, independent, expert advice on a range of financial and insurance related matters. 

In addition, First Ireland will reinvest circa 5% of all premium income from the scheme into a special fund to be used to promote Dublin city centre. This fund is expected to top €1 million over four years.