Terrorism – Make sure your business is protected
It’s an unfortunate but undeniable fact that our businesses today face an unprecedented threat from global terrorism. While the human tragedy of these appalling events rightly dominate the headlines, for some businesses the consequences of an attack can also be devastating.
It’s important to reassess the threat your business faces from terrorism and ensure that you’re adequately protected. Terrorism is often explicitly excluded from insurance policies, but getting specialist cover could help protect against a number of potential losses:
- Cost brought about by travel disruption
- Property and contents losses
- Business interruption caused by an inability to trade
- Liability insurance in the event that your business was sued for a security lapse
The potential costs can be enormous. For example, the attack in the shopping mall in Nairobi resulted in nearly £60m of property losses after the military stormed the centre. After the Paris and Brussels attacks, the costs of physical damage to property was exceeded by the vast amount of business interruption that followed when large parts of the cities were shut down.
Many large businesses have responded by putting in place contingency plans and insurance cover but Pool Re, a specialist reinsurer set up in response to the IRA’s campaign in the 1990’s, estimates that only 5% of small businesses have any terrorism related cover. Does that include you?
Like all insurance cover, you hope you never need it, but it’s worth considering if your business could be disrupted by a terrorist incident. Give Business Insurance Service a call on 01273 789 979 if you’d like to talk through the issue and how such cover could help protect your business.