Leisure businesses across Ireland – including mobile saunas, petting zoos and glamping sites – have been thrown a lifeline to keep their enterprises going through more affordable insurance.
Lack of insurance or unaffordable cover has led to hundreds of firms in the leisure sector closing permanently in recent years.
The sector in Ireland supports 330,000 jobs directly and indirectly, according to the employers’ confederation, IBEC.
An insurance provider claims a new avenue to secure affordable cover will provide a “crucial safety net” to protect firms operating in the 4 billion euro experience economy.
The experience economy consists of businesses and a workforce that operate across multiple sectors in Ireland, including organisations in the tourism, entertainment, arts, cultural, sporting and heritage sectors.
This includes attractions and venues, entertainment, events and activity providers.
An estimated 1 euro in every 3 euros of Irish household consumer spending ends up in experience-based businesses – compared to 1 euro in every 4 euros in other EU households.
Jane Brady, managing director of Brady Insurance, said: “The scarcity of insurance options has placed immense pressure on the experience economy, leading to business closures and job losses.”
The company, which currently insures St Patrick’s Day celebrations, as well as film and TV productions for global players such as Netflix and Disney, unveiled what it called a “game-changing insurance solution” tailored to businesses in this sector.
Ms Brady added: “It provides confidence and certainty to those businesses who have struggled with either securing insurance or been crippled by exorbitant premiums in recent years.
“Our new scheme not only addresses this critical gap by providing accessible comprehensive coverage but also aims to stabilise the industry, safeguard existing jobs and foster growth.
“We are committed to supporting these businesses, ensuring they continue to thrive and contribute to Ireland’s cultural and economic landscape.”
The new policy covers a diverse range of enterprises, including leisure, sports, visitor and community centres, as well as niche ventures such as mobile saunas, petting zoos, glamping sites, skate parks, and snooker halls.
By ensuring greater security for these essential businesses, the initiative supports Ireland’s tourism and cultural industries, particularly benefiting rural areas and regions with fewer employment opportunities.