Terrorism Protection

Business owners juggle a lot of issues and one of them will be protecting their livelihood with insurance covers. Yet fewer than 3% of SME's purchase cover against acts of terrorism and many lack any knowledge around business continuity planning or how to best cope with a disaster. It is becoming increasingly evident that many small businesses don't realise that property and business interruption covers exclude acts of terrorism. Why would a small business care? It’s pretty simple to see really. A business would be affected with little or no physical damage to premises with a knock on affect if:

• Your business is caught behind police cordons
• A customer or a supplier is affected physically or with a cordon
• There is a loss of a public utility
• Suffers a reduction in footfall following an attack - loss of attraction
• Uncompensated losses due to significant business interruption

The insurance industry recognises that there is a gap in customer understanding and frankly brokers and insurers have to do more in promoting terrorism cover and the very basic protection is provides. Have a look at what Pool Re have to say here. https://www.poolre.co.uk/wp-content/uploads/2019/09/SME_Guide_190510_for_web.pdf If you like a video have a look at this from BIBA /ITN https://itnproductions.wistia.com/medias/vrxc1bkj5e If your broker hasn’t spoken to you about protecting against terrorists then ask them. Better still ask us.   Steve Green Director Anthony Jones Insurance Brokers Nov 1st 2019