Is your business affected by civil unrest? Is your business affected by vandalism or rioting? Is it difficult to reach your business due to the National Guard or police closing down your street? Are you unable to get to your business because of riots? Business insurance can cover all of these situations. Let’s take a look at how business insurance can cover looting or civil unrest.
Commercial Property Insurance
A Commercial Property Insurance Policy covers your building and all contents, including outdoor signs, fences, and fixtures, from vandalism and theft.
Commercial property insurance covers business owners against losses due to protests, riots, and civil disturbances. In fact, commercial property insurance covers damage due to vandalism and civil disorder. These policies also cover looting that occurs in the context of riots or civil commotions. Commercial property insurance covers you if your property is looted.
Many commercial property policies include a section on naming perils. Riots are one example of this. Your insurance policy will most likely cover any damage your business suffered from acts of rioting. Are you unsure if your commercial property policy covers damage from a riot. Double-check with the insurance company.
Policy for Business Owners
Many business owners have a Business Owner’s Policy (BOP). It covers property, liability, and business interruption insurance. A BOP policy covers damage to the business’s physical structure and contents, as well as vandalism and rioting. Your agent can provide more information about your BOP policy. Is it specific to vandalism and rioting? How about looting? What would it take to file a claim? Is your business interruption coverage eligible for a payment?
Because plate glass windows are high-risk, business insurance does not often cover them. A separate policy would be required to cover a company’s window. BOP can also provide additional protection for civil unrest by providing additional coverages for criminal activity or spoilage of inventory. Consider your business’s needs and select the right insurance coverage to provide you with the best protection against looting or rioting.
Insurance for business interruption
Business interruption insurance is also known as business income insurance. It covers lost business income in the event that a business has to stop operations or reduce hours due to riots. This protection is only available if the business’s premises are physically damaged by the rioting.
The civil authority provisions cover lost income and additional expenses due to access being restricted by civil authorities, such as the police, fire department or National Guard. This could be because of rioting, civil commotions or other disturbances. Insurance protection is available if police or fire departments block your access to your business due to rioting.
These civil authority provisions do not cover income lost for a short time, typically four weeks. You can extend this provision by purchasing additional premiums. If there is unrest in your local area for a prolonged period of time, you can increase this coverage.
Reporting Damage
Your insurance company should be contacted to report damage to your business caused by looting and rioting. An insurance representative will visit your premises to confirm the nature of your claim as well as the extent of damage done to your business.
As you wait for the representative from the insurance company to arrive, secure your area and board up your business. Make a list of all the inventory that was damaged if your business was taken. To further document your case, you can use photos and videos. Try to be as detailed as possible. It is important to clearly show the business’ total loss.
Also, file a police report. Send a copy to your insurance representative.
As soon as possible, get all necessary paperwork to your insurance company. Your claim should be completed quickly so that your business can be rebuilt.
Is your business being vandalized in civil unrest? Is it impossible to return to your business? Are you being held back by the fire or police departments? Do not forget to file a business interruption case. The insurance’s civil authority provisions will cover your lost income for up to four weeks.
Are You Interested in Your Home?
Insurance policies for homeowners cover damage from vandalism, rioting, fires and explosions. This coverage covers damage to your home’s structure and any other structures. It also covers personal property and possessions that are located inside and outside your home. Insurance protects you from vandalism or violent unrest in your area and at your business.
