Car Insurance Matters

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Car Insurance Matters

I still remember the day that I drove off of that used car lot with my first car. In my excitement to show off my new ride to my friends, I smashed my car into a telephone pole. Although I can laugh about the accident now, it was devastating at the time. In addition to completely destroying my reputation, I also had to deal with the expenses that were involved with the wreck. Unfortunately, I hadn't purchased car insurance, so I had to foot the repair bills on my own. After getting my car fixed and thinking about my actions, it was very clear to me that I needed to invest in a car insurance policy. I decided to learn as much as I could about insurance, and that is one of the reasons that I decided to become an insurance agent.

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Causalty Insurance And Terrorism: Weighing The Cost Against The Potential Risks And How Your Company Fits

After the terrorist attacks of 9/11, laws were put into effect that granted any business or corporation the ability to purchase a type of casualty insurance known as "terrorism insurance." The amount of damage created and the number of lives lost which are still wrapped up in lawsuits over criminal negligence and questions regarding responsibility continues to prompt the sales of terrorism insurance. However, is it really something you need, or is it something you want for the protection of your company against terrorist attacks? Here is how to weigh the cost of the premiums (which are extremely difficult to calculate) against the potential risks of terrorism and how your company fits into all of this.

What Terrorism Insurance Would Cover IF Your Company Bought It

Terrorism insurance pays out claims for any and all employees and their families that are affected by a terrorist attack on any of your buildings or company property. It also covers damages to personal property, should any part of your building explode or fall on top of people's cars or land in a burning heap on their roofs causing fires to their homes and commercial properties. Even though the terrorist attacks on your company were not your company's fault, the resulting damages may still be viewed as your company's responsibility and should be addressed.

What Terrorism Insurance Might Not Cover 

The unfortunate thing about casualty insurance of any kind, including terrorism insurance, is that almost all types of insurance have deductibles. Since it is very difficult to predict how much damage may be caused by terrorists to your company's property, your company may indeed have a very high deductible for acts of terrorism. That means your company could still pay a few million dollars up front before the insurance kicks in and pays the rest of the claims filed against your company. However, if 9/11 is any indication of damages, the few million you pay to cover your deductible could be a drop in the bucket next to the millions or billions of dollars your company might have to pay out.

How Your Company Fits, or Does Not Fit, with Terrorism Insurance

Truth be told, acts of terrorism in the United States and on U.S. soil are very rare. If you have a very high profile company, or a company that is very closely situated to a notable government building, you could become a target or used as a means to get to the real target (i.e., the government building). If you also have military contracts or government contracts of any kind, your company could become a target of terrorism. In that case, you would definitely want to consider terrorism insurance. If none of these situations apply to you, then general casualty insurance or basic liability insurance is sufficient to protect your buildings, the surrounding areas and any non-employee property and lives as well as employee property and lives.

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