Businesses unprepared for terror attacks

Over 80% of property professionals believe that businesses are ill-equipped to cope with a terrorist incident, according to a snapshot survey by Lockton’s Real Estate & Construction division.

A further 78% feel that insurance cover for terrorism should be mandatory given the current political climate.

The findings emerged from the recent Property Issues Seminar held at Lockton House in which two senior officers from the Metropolitan Police Counter Terrorism Command briefed 80 property professionals on the current terrorist threat – imparting hints and advice relevant to the business and property communities.

Steve Bracey, managing director, Lockton Real Estate & Construction, says: “Terrorism cover is offered in the hope that it never has to be used. The threat of a terrorist event, however, is one that hangs heavy on all our shoulders.”

“The consequences of such an incident are wide-ranging; damage to property is just one such example. The harsh reality is that the majority of businesses are ill-equipped to cope. Many would simply be unable to get back up and running as the necessary contingency and continuity procedures are often not in place."

“Although many businesses have already acquired terrorism cover, especially in the City of London, it is not mandatory in the UK. There seems to be a growing feeling that businesses should be forced to buy this cover and accept the cost of doing so as a necessary business expense.”