Business Insurance And The Riots – Protecting Yourself For The Future

Described as some of the worst bouts of civil disorder since the 1995 Brixton riots, the recent disturbances in England brought looting, rioting and arson to a range of businesses during the summer, forcing profits to drop and entire shops to close because of the widespread devastation they were faced with.

The happenings of August 6th saw a peaceful march turn into four days of violence from thugs looking to wreak havoc without fear from the police. On the third night alone, 93 businesses were understood to be damaged and minimum costs equated to around £100 million. Sadly, the fall-out went deeper than this, as shops, bars and accommodation providers were hit by loss in revenue due to feelings of worry and doubt over safety.

One of the biggest priorities for business owners, as such, is insurance; many should head to check out business insurance to ensure they have the correct coverage for their needs on a day-to-day basis and prevent these things from affecting them in the long-term, should such civil disorder happen once again. Any damage and loss caused as a result of looting, fires or criminal damage should be covered by a provider and some may also have stipulations covering pay-outs for business interruption and loss of trade.

Without insurance, there are only a few options available to businesses. One of these, which luckily bailed out several business owners, is the Riot (Damage) Act of 1886. This was created by the powers that be in order to allow requests to be lodged with the police to refund businesses and individuals in the event of property being damaged, stolen or destroyed in a riot situation. Deadlines are applied in each situation to establish compensation.

Those that manage to file a claim under this act may find that they don’t receive the right amount of money to cover damage, sadly. Claimants could also discover that it is difficult to prove their case to the government. Whatever happens, it must be established that damage was caused as a result of riotous behaviour – something that is particularly vague.

While it is required by companies to have business insurance in one form or another – such as small business or general liability insurance – it is absolutely essential that you have enough to protect your company from the likes of arson, rioting and aggravated theft. You may never know just how much you could save – it may be your entire business on the line.

This post was brought to you by Staveley Head.

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