The Government must act urgently to change the law to help local economies protect themselves in the face of today’s rapidly evolving terror threat, according to a new report from FSB.
The 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against 21st century terrorism, calls on the Government to release the UK terror cover safety net, Pool Re, from outdated law which prevents businesses from insuring themselves against ‘non-damage business disruption’ in the wake of a terror attack.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.
Alongside this, the Government should introduce emergency resilience measures for businesses affected by terrorism, providing extra financial relief and allowing businesses to delay bill payments to ease the pressure on short-term cash flow.
The report draws on examples from recent terrorism incidents including the attack at Manchester Arena and on London Bridge, where businesses were forced to close for a number of days after the attack.