Protecting Your Business: 7 Insurance Considerations

During these uncertain times, it is important to understand what options you have available to help protect your employees, your property and your investment and to restore or rebuild your property following civil unrest. We are in this together; your insurance providers and partners are available to assist you as needed.

1.) First and foremost, protect yourself and your employees.

2.) Take appropriate measures to protect your business as best you can. If your restaurant is in an area of risk, consider boarding up your doors and windows in advance or the use of on-site security to mitigate further damage due to rioting and looting.

3.) Should any damage occur to your business, report the claim immediately.

4.) Direct property damage as a result of riots or civil commotion is typically covered by insurance. Specific policy language will vary and multiple deductibles may apply. Consult with your agent/broker on how your policy is written and if you should report a claim or incident. 

5.) Resulting loss of income (Business Interruption) may or may not be covered by insurance. All policy language will vary, multiple deductibles/waiting periods may apply, and your current situation related to COVID-19 may impact coverage and the amount of reimbursement. Consult with your agent/broker on how your policy is written and if you should report a claim or incident. 

6.) Automobile comprehensive coverage should reimburse for damage to vehicles and its contents caused by fire, falling objects, vandalism or rioting.

7.) The claim adjusting process may be delayed due to insurance companies being overwhelmed with claim volume. Consult with your insurance agent/broker on what loss data you should submit. The more thorough and complete loss data you can provide to support your claim, the better off you will be. 

• Document the extent of the damage and immediately do everything you can to mitigate further damage.

• Take photos, video and maintain access to the data until reported to carrier so they have time to inspect the damage. 

• Track all expenses incurred to make emergency or temporary repairs. Include employee payroll expenses you incur to mitigate the loss.