Does Your Small Business Insurance Cover You Against Looting?

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Does Your Small Business Insurance Cover You
Against Looting?
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• Looting and the causing of criminal damage to
  other peoples properties has been in the
  headlines again recently, as protesters took to
  the citys streets worldwide, in support of the
  BlackLivesMatter movement. For some out to cause
  wonton destruction and steal from unsuspecting
  business owners, they were indiscriminate and
  targeted business of all sizes.
• But no matter the cause, looting remains a
  criminal act, and one that in these already
  trying times, can have a devastating impact upon
  business owners already hard hit by the global
  health pandemic.

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• While some shop owners chose to staunchly protect
  their businesses and remain on site to deter the
  looters with their physical presence, this is a
  dangerous approach and one that can have deadly
  consequences. So, if you dont physically protect
  your shop from looters, what else can you do to
  keep it safe from harm?
• Some insurance policies cover losses from
  merchandise theft and destruction of property,
  and getting the right coverage could be the
  safest and most effective way to protect your
  livelihood.

4

• Does your small business have adequate coverage
  in the event of looting?
• While most BOPs provide coverage for property
  damage and loss, and many businesses must have
  basic insurance to meet the requirements of their
  lease, its often left up to the owners
  themselves to choose how much insurance they want
  to buy. How much coverage is needed will depend
  largely upon the type of business, the inventory
  value and how much savings the business owner
  has.
• To know if your policy provides you with
  insurance against looting, it might be best to
  talk directly to your provider, who can upgrade
  your policy if necessary.

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• Note that if your business doesnt hold an
  insurance policy to cover your inventory and
  equipment, then any losses from an incident of
  looting would come out of your pocket.
• If your business has been looted, what should you
  do?
• Due to the chaos and uncertainty caused by the
  ongoing pandemic, some insurers have been ordered
  to refund part of their commercial premiums for
  those businesses affected by covid-19, and in
  some cases, grace periods for paying premiums
  were put in place. If your business has been the
  victim of an incident of looting, or to know
  whether you might be entitled to a premiums
  rebate or grace period, contact your insurance
  provider at the earliest.

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• There are many risks that your business may
  become exposed to, no matter where it is or what
  you may be selling, and if you dont already have
  adequate insurance, you should make it a
  priority. Looting is just one way in which your
  business can end up costing you your hard-earned
  money, and while you may think it will never
  happen to you, the latest riots and protests have
  proved that criminals and vandals are often
  indiscriminate, and that anyone can become a
  victim.

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• We Insure Miami was founded on the principle that
  every individual and business, big and small, has
  assets and valuables that need to be protected
  and insured against forces outside of our
  control. We offer Homeowners, Auto and business
  insurance in miami FL. Our agents understand that
  you work hard every day to protect your car,
  home, business and family. WE are passionate
  about Insurance and passionate about serving you.
  If you are looking for homeowners or car or
  liability insurance in miami, contact us for a
  quote or a complimentary review of your insurance
  policies.