Sixty percent of U.S. businesses have terrorism insurance, according to the Congressional Research Service. Premiums can be as low as $ 25 a year. But larger businesses in high risk areas can pay thousands. Bob Hartwig, president of the Insurance Information Institute, says this extra protection gives businesses peace of mind.
“It would cover damaged or destroyed vehicles, injured workers, or benefits for workers who were killed during a terrorist attack,” Hartwig says, but he adds right now, smaller businesses aren’t buying terrorism coverage.
Will that change, in Boston at least? Not for Boston cardiologist John Levinson.
“No, I will not buy terrorism insurance,” Levinson says.
Dr. Levinson’s outpatient practice is just a block away from the bomb site. Still, he doesn’t think the extra coverage is necessary.
“We’re in a safe world for the most part and those things happen but they’re rare,” says Levinson.
Plus, he says, terrorism insurance is limited. It will not cover nuclear or biological attacks, or acts of war.
Why many businesses skip "terrorism insurance"
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