A short guide explaining why all small businesses should think of insuring themselves against property damage and business interruption as result of a terrorist attack.
- Managing and mitigating the risk of terrorism?:
- The guide provides a tick-box activity to enable small businesses to see at what level they are currently engaged with managing and mitigating the risk of terrorism to their business.
- Why insure against a terrorist attack if small?
- While potentially not a target, you may suffer the effects of collateral damage or a denial of access.
- Look at the level of threat. (The current level of threat in the UK is Substantial, meaning an attack is considered likely.)
- It is important to remain aware, vigilant and maintain up-to-date business continuity plans.
- The Sixty-Second Security Plan is given as a good checklist to improve reaction times in the event of an emergency.
- Denial of Access. Small businesses can get caught up in police cordons and subsequent reduction in high-street footfall. Many small businesses are not covered under their property and business interruption insurance for losses incurred due to terrorist attacks.
- There’s a Real Danger. There is a trend towards low-complexity attacks.
- Small businesses need a proactive approach to risk management with appropriate insurance if they are to increase their resilience to terrorism.
- Organisations need to develop and rehearse crisis management and business continuity plans.