All businesses need to get various insurance policies to protect them from certain risks. Protection against legal claims, injuries suffered to staff in the workplace, theft, fire, damage, and other such things will be extremely important in providing financial security for any business.
While some risks are common, however, others are rarer. Rioting and looting are two linked issues that can arise, and which can have a serious impact on high street shops, in particular. If you are concerned about these risks, you may be wondering whether there is cover you can get to protect against it.
This issue was raised in the summer of 2011 when widespread rioting took place all over England. Since then, more businesses have seen the need to insure themselves against such problems. Thankfully, most regular insurance policies will offer cover within their terms and conditions.
Riot damage is generally covered by home insurance policies under theft and fire, while basic car insurance also offers similar coverage. Much is the same with businesses, with a few additions. For example, some policies will include things like denial of access, where business owners are unable to gain access to their business premises.
Moreover, certain policies may also offer provision for businesses whose trade is adversely affected by riots, even if this is not as a direct result of damage or looting. As such, compensation can be provided to shops, for example, who lose trade due to the impact of rioting on shopper activity. The specifics of exactly what you may be covered for will be in your policy.
In order to fully explore your options, talking to an insurance broker or advisor is your best port of call. If you already have business insurance to cover your premises, and motor fleet insurance to cover your vehicles, it is likely that you’ll already have coverage against both rioting and looting. If you do not yet have a policy, discussing your specific requirements with a broker will enable you to find something that suits you perfectly.
Naturally, all claims will involve an excess, and this cannot be changed unless your policy is up for renewal. So, for example, if you have a policy that lasts a year, you’ll need to wait until you renew, or find a new policy, before you are able to tinker with your excess.
Naturally, a larger excess will lead to reduced premiums. If you are willing to carry a greater degree of risk, you’ll alleviate this burden from your insurers’ shoulders. As a consequence, you’ll see monthly savings on your premiums.
Rioting and looting isn’t a common problem in most areas of the country. However, if it does happen it can cause serious damage to your business, through fire, physical damage, and theft. Paying for repairs and replacement stock out of your own pocket can be financially debilitating, so knowing you are protected against such issues will give you a great deal of peace of mind.
As mentioned, you should be covered against such issues as part of your regular business insurance policy. However, different policies will come with different levels of coverage, so always talk to your insurance broker or representative about your requirements if this is a concern. You can do your own research online with different business insurance providers. AXA Business is a good starting point being one of the main providers of business insurance.