Bizstartup.ie - NewsInsuremyvan calls for scheme to be extended

"We came across this scheme only recently and upon further research we have found that it has not received any widespread publicity and therefore, those to whom it would be of benefit are not aware of its existence,” said Jonathan Hehir, director of Insuremyvan.ie.

“Insuremyvan.ie's aim is two-fold. We primarily want the Government to extend the scheme so that it not only covers grants for public liability insurance but for van insurance as well, as most starter businesses in the various manual trade professions will need both to operate. Our goal is also to create nationwide awareness of this scheme so that the people for whom it's intended know that this is available to them".

Structural inefficiencies and a workable solution

The scheme currently provides grants for people on social welfare benefits but who would like to re-enter the workforce by going out on their own. 

Hehir continued: "The way the scheme is structured at present is flawed, however, as it's limited to 50pc of the cost of public liability cover for the individual - up to a maximum of €1,200.

“However, this type of cover costs an average of only €400 - so in essence the individual will only be able to benefit from a grant of €200. What we are suggesting is that the scheme be extended to cover van insurance also, as transport is imperative for almost all businesses in this sector.

“Van insurance premiums have never been lower with the average cost coming in at around €500. We want Government agree to pay 50pc of both policies for those who are trying to set up on their own. In addition, to this we are looking to agree a finance arrangement whereby people can then repay the remainder of the premiums in 10 monthly installments - interest free.”

Photo: Jonathan Hehir, director of Insuremyvan.ie