{"id":2861,"date":"2019-02-11T11:39:34","date_gmt":"2019-02-11T11:39:34","guid":{"rendered":"https:\/\/www.networkportfolio.co.uk\/ncinsurance.co.uk\/?p=2861"},"modified":"2019-09-25T10:10:11","modified_gmt":"2019-09-25T09:10:11","slug":"terrorism-insurance","status":"publish","type":"post","link":"https:\/\/networkportfolio.co.uk\/ncinsurance.co.uk\/blog\/terrorism-insurance\/","title":{"rendered":"Terrorism Insurance: Do i really need it?"},"content":{"rendered":"

We know that no building is exempt in a terrorist attack and the businesses and property owners we help protect know this too.\u00a0<\/span>Recent history tells us that terrorist attacks can happen in many locations. When businesses suffer, they are often not the primary target but are based in the same area as the target. Whilst every effort is done to prevent potential terror attacks ever occurring, property owners and businesses alike need to be switched on when it comes to protecting themselves with terrorism insurance.\u00a0<\/span><\/p>\n

What happens if I don\u2019t have terrorism insurance?<\/strong><\/span><\/h1>\n

In a worst case scenario, your business could ultimately face closure post-attack. The building you are based in could be demolished and the stock or equipment you work with could be damaged or destroyed. Most business insurance policies won\u2019t protect you in this instance, and you wouldn\u2019t be able to claim for anything due to the nature of the attack.<\/span><\/p>\n

As a business or property owner, you\u2019ll know that it\u2019s not just about replacing contents or restoring your building, though. It\u2019s also about the losses you\u2019ll suffer whilst you get back on your feet.<\/span><\/p>\n

Without stock, equipment or a building, you probably won\u2019t be able to trade at all, so the money you need to help rebuild your business must come from savings or even you personally.<\/span><\/p>\n

Ordinarily, a business interruption policy would help pave this gap, but it may be excluded if the damage comes from a terrorist attack.<\/span><\/p>\n

So what\u2019s the alternative?<\/strong><\/span><\/h2>\n

Because terrorist attacks are unpredictable, you\u2019ll need to defend that vulnerability with specialist terrorism insurance.<\/span><\/p>\n

There are, of course, other things to consider. For many areas post-incident, people will try to avoid the area, at least for a while. Even if you\u2019ve rebuilt your premises, you may not see the same footfall as before and it can be difficult to negotiate such a situation. For landlords, would-be tenants or buyers may be deterred by the terror attack, leaving you to lower asking prices or shoulder the loss of rent.<\/span><\/p>\n

Thankfully, a surge in the development of terrorism insurance means that cover is out there. We have strong ties to several specialist insurers who have a great deal of experience in writing such policies for all manner of businesses, large and small. Because we\u2019re independent, it means we can pick and choose the right level of cover at an affordable price.<\/span><\/p>\n

Often, we\u2019ll consider the likelihood of a terrorist attack taking place, the type of attack that could be\u2014physical to non-physical\u2014and the worst case scenario, which will all help to ensure the cover you have is the cover you need.<\/span><\/p>\n

If you are interested in finding out more about our reducing your risk with insurance cover, just get in touch with the team on 0191 482 1219<\/a>\u00a0<\/strong>now.<\/span><\/p>\n

Fancy learning more about reducing risk with insurance? Read one of our previous blog posts:<\/span><\/p>\n