Today is the second part of our last post. This part we’ll call Loss of Attraction and Active Shooter Insurance coverage.
As we saw last time a business has some recourse if their insurance includes terrorism coverage. The problem is that most don’t. Now, we can add to that another event that has become too frequent in the U.S., an active shooting. This too has created the need for a new kind of business coverage, active shooter insurance.
We have discussed this on a few posts in the past, but today we’ll take a different approach to it. That approach is that an active shooting can also be a terrorist attack!
In an event like that Loss of Attraction and Active Shooter Insurance, though two different things now become two necessary things, for the same situation.
As we’ve learned previously, active shooter coverage can help companies recover from workplace shootings. It pays for a variety of costs such as funerals, crisis management and lost revenue.
Let’s look again, for a moment at Loss of Attraction coverage. Since we are focusing on airports, we need to remember that not just terrorist groups attack airports.
You may remember an event from this past January. A disturbed man opened fire in the baggage-claim area of Fort Lauderdale-Hollywood International Airport in South Florida.
Ultimately, 5 were killed and there was a temporary halt of commercial flights at the airport. The flights resumed the next morning.
This is a perfect non-terrorist situation where businesses need Loss of Attraction and Active Shooter Insurance.
These types of events can cause businesses serious economic impacts that might not be covered by standard business insurance. Hotels lose bookings, restaurants and bars lose customers, retailers lose sales, limo, taxi and shuttle companies lose fares.
Both Loss of Attraction and Active Shooter Insurance
Both Loss of Attraction and Active Shooter Insurance are very customizable. Every business has different requirements and needs. That’s why these especially created coverage’s are made to be customized to a business’s particular needs.
One example of customization is the ability to specify a radius near the business or a specific location. The policy can determine the level of payouts, which last for up to 12 months. The payouts can also be set to end sooner should profit levels return sooner.
In closing, we understand the likelihood of becoming a terrorist victim is a small one. But if your company does get victimized, the risk of devastating loss is so high that it could bankrupt you. Loss of Attraction and Active Shooter Insurance is almost a necessity for everyone, but especially those in target areas.
If you have questions or are interested in getting coverage, MrInsurability is here to help. As always, we are only a call or a click away!