The sad realism of today’s world is that terrorist attacks can happen anywhere at any time. Even though a business may not be physically damaged, the effects will still be felt financially.
For example, the horrific attacks on the London Bridge and Borough Market in 2017. This resulted in an area being shut off to the public for 10 days. This resulted in local businesses losing potential customers, local events being cancelled and resulting in millions of pounds of lost business. As we are all aware of is terrorism is not just in London, the Manchester Arena bombing and the Glasgow Airport incident hit home that it could happen anywhere at any time.
“It won’t happen to me”, I’m sure the majority of people and businesses ever affected by terrorism thought exactly the same. The question to ask yourself is “Could it happen to me?” “Can my business be affected by Terrorism?” In most cases, it would affect your business in one way or another. For example, any sports stadium in the country could be a potential terrorist target. Where are your customers coming from? Are customers coming to you? So If the unthinkable happened would that stop your customers coming to you? Also, think about your business and everything that affects it, for example, your suppliers. Even though you and your business are not in the geographical location of an attack but your suppliers could be affected which would have an impact on your business.
We spend a lot of time educating people about cyber risks and Cyber Terrorism is just as likely as a physical attack. If a business’s IT became compromised the impact could be huge.
Also as we mentioned earlier, if you are affected by not being able to operate, but you haven’t suffered any damage yourself, depending on the breadth of the terrorism cove you have, it may or may not cover non-damage Business interruption. Ravenhall can help guide you through the different policy types to allow you to make the right decision.
When considering a property you might often think about common threats such as floods. But now with the frequency of terrorist attacks, it is really important to consider the impact a local terrorist attack could affect your business.
Here at Ravenhall we are already supporting and advising clients on terrorism insurance. We offer free advice to help businesses understand the risks that terrorism can bring. Our Commercial team have expertise across many industries. This added to the hundreds of years of combined experience within the commercial broking team mean that we have the knowledge and experience to offer the correct advice to all types of businesses. We operate as your in-house insurance department. Dealing with all insurance-related issues, allowing you to concentrate on your core business activities. We operate as your in-house insurance department, dealing with all insurance-related issues, allowing you to concentrate on your core business activities.
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