Insurance Information Institute CEO Sean Kevelighan participated on a business interruption insurance panel organized by the U.S. House of Representatives on May 21, 2020. The virtual session, hosted by the Innovation and Workforce Subcommittee of the House Committee on Small Business, was webcast on YouTube: Webcast.
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Across the country, businesses are choosing to go green. In addition to helping the planet, environmentally friendly practices and facilities can enhance the reputation of a business and lower its energy and water costs. Businesses are also encouraged to go green by government tax credits and other incentives.
While environmentally friendly buildings and equipment can provide numerous benefits to businesses, they also add costs and risks. Insurers have responded by offering policy options to protect a business’s investment in going green.
Many businesses—especially small businesses with fewer employees—depend on a single person or a few key people for their success. If a key person becomes unable to work or dies, the business might lose valuable accounts or be temporarily unable to operate, resulting in lost revenue.
Terrorism insurance is offered separately or as a special addition—called an “endorsement” or “rider”—to your standard commercial property insurance policy. A standard business policy alone will not cover losses caused by terrorism.
