The Government must change the law to help local economies protect themselves in the face of today’s rapidly evolving terror threat, according to an FSB report.
Small Business As Usual: Strengthening Resilience Against 21st Century Terrorism calls on the Government to release the UK terror cover safety net, Pool Re, from an outdated law which prevents businesses from insuring themselves against ‘non-damage business disruption’ in the wake of a terror attack. Current rules do not cover loss of trade, or other impacts of modern terrorism.
The report draws on examples from recent terrorism incidents including the attack at Manchester Arena and on London Bridge, where businesses in Borough Market were forced to close for 11 days, costing them an estimated £1.4 million.
Ken Wright, FSB Home Affairs Policy Chair, said: “We want small businesses to continue to play their part in defying the current and ongoing terror threat, but they need to be supported to increase their resilience.”
The report advocates introducing emergency resilience measures for businesses affected by terrorism, including extra financial relief and allowing businesses to delay bill payments to ease the pressure on short-term cash flow.