Commercial Property Terrorism Insurance

The attacks on the World Trade Center, the Oklahoma City bombing, the Boston Marathon bombing and the Atlanta Olympics attack have made New Yorkers deeply aware of the risks of terrorism. What once seemed like a remote risk has now become a true concern. If you own a business in New York, terrorism insurance is a smart precaution.

What Is New York Commercial Terrorism Insurance?

The 2002 Terrorism Risk Insurance Act (TRIA) splits losses after a terrorist attack between the government and insurers in situations where an attack is certified as a terrorism event by specific government officials. The same law also requires commercial property insurers to offer terrorism insurance. While most commercial property insurance excludes terrorism insurance from its basic policy, you can purchase terrorism insurance separately.

Does My Business Need Terrorism Insurance?

You may think your risk of being injured by an attack is remote, especially if your business property is not centrally located. However, no one can predict when the next event will occur. The right policy protects you from:

  • Loss of income: After an attack, you may not be able to access your building or commercial property during the aftermath and the investigation. You may be forced to relocate temporarily or even close, leading to increased expenses or loss of income. A terrorism insurance policy can protect you in this event.
  • Employee injuries: Terrorist attacks are often planned to cause loss of life and serious injury to a local populace. If your employees are injured as part of such an attack, you will want coverage in place.
  • Property damage: An attack by terrorists can cause damage to company cars, inventory, commercial property or your business real estate. A policy can help cover repairs and other costs related to this damage.
  • Lawsuits: After a terrorist attack, there may be bystanders who are hurt. For example, your customers may be injured if a bombing or other event happens while they are visiting your commercial property. In some cases, these victims may file legal claims, alleging your organization was negligent in providing a safe environment and thus contributed to injuries. In this situation, you will want to have insurance to protect you.

How to Get Terrorism Insurance Coverage for Your Commercial Property in New York

You can get this type of coverage through an endorsement to your commercial property or liability policy. You can also secure terrorism insurance as a standalone policy, which in some cases can cover property outside the United States and may protect you from incidents which are certified or un-certified by the government as terrorist acts.

If you need terrorism insurance for your business, get an estimate from Kokkoris Insurance Services or call us at 718-728-0606. Kokkoris Insurance Services can offer you a free quote for insurance and a comprehensive evaluation of all coverage points. Our excellent support and customer service as well as our superior pricing make us the top insurance solution for New York businesses. Reach out today to speak to our dedicated team members, who would be pleased to discuss the solutions which may be right for you.

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