While the terrorist attack on the World Trade Center and Pentagon happened 13 years ago, it’s not ancient history. With what’s going on in the world today, let’s hope our leaders take appropriate action to thwart any similar attacks on the U.S.
Also, as small business owners, let’s use the lessons learned from 9/11 to protect our businesses to the extent that we can if the unthinkable happens. These lessons apply not only to terrorist attacks, but can also be applied to natural disasters and incidents of civil unrest.
Read your current BOP
What does your business owner’s policy (BOP) cover or exclude. Will it cover any property losses resulting from a terrorist attack? For example, The Hartford’s business owner’s policy would typically cover loss or damage associated with terrorism. However, policies vary and include specific limitations and exclusions.
It is important for small business owners to talk to their independent insurance agent or carrier to ensure they understand their policy and have the proper coverage in place that meets the unique needs of their business.
Consider business interruption coverage
Can you afford to pay your bills while recovering from any disaster? Business interruption coverage pays utilities, payroll, insurance, and other ongoing costs to help you stay afloat until you can get back to normal operations.
In the event of any disaster, it may be feasible for some companies to permit employees to work remotely. Have you considered this contingency and discussed it with employees? What is necessary to implement this contingency (cloud solutions? making sure that employees are equipped to work remotely?).
The more planning you do now, the greater protection you’re going to have in case any disaster — natural or man-made — occurs. Talk to your insurance agent now to understand the extent of your current protection and whether you need to increase your coverage.