Orlando, Fla.—Being prepared in times of so much uncertainty is no game. Riots and vandalism to local businesses are now more real than ever. This year 2020 so far, we have endured the adversity of a pandemic, causing loss of businesses and millions of Americans out of job for an undetermined amount of time.
We are about to also begin the 2020 Atlantic Hurricane Season which poses a new set of risks for damage to properties and could cause an extended amount for loss of income.
With protests surging in multiple cities across the U.S., businesses in many areas are urged to take precautions and be prepared to protect the property for the unexpected during these unfortunate disturbances, that are turning violent in some instances.
As a business owner, you must understand the extent to which your current business insurance package will cover you in case any of these events break into your area. Vandalism is one of the most common property claims, defined as damage caused to someone else’s property simply for the sake of causing damage.
Vandalism and malicious mischief insurance —is a type of insurance coverage that protects against losses sustained as a result of vandals. Vandalism and malicious mischief insurance is included in most basic commercial and homeowner policies. It is important for properties that are not occupied during well-known periods of the day, such as churches and schools. That is because when these types of properties are unoccupied, they become easy targets since vandals know there is a lower chance for them to get caught. If the property is unoccupied, then a higher deductible typically may apply to vandalism and malicious mischief coverage.
The peril of vandalism or malicious mischief covers damage to parts of the premises for which you are responsible, as well as to personal property. For example, if someone slashes the tires of your bike on the premises, that is considered vandalism.
In many cases, commercial insurance provides coverage for acts of vandalism. When looking into different coverage options, it’s important to seek comprehensive coverage. When a business is located in an area that is prone to vandalism, understanding the risks and what could happen to your business if it’s vandalized is paramount. It is also important to protect your commercial vehicles (trucks included,) subject to these circumstances.
Sometimes even a harmless gathering could turn into a more dangerous disturbance and be the source of looting, vandalism and fires causing a lot of damage to your business property.
Damage to the physical plant of a business and its contents that is caused by fire, riots, civil commotion or vandalism is covered under a Business Owners Policy (also known as a BOP). Keep in mind that coverage for plate glass windows is typically sold separately.
Businesses that are forced to suspend operations or limit hours due to rioting may have coverage for the loss of income under business income insurance—also known as business interruption. and it is only triggered when there is direct physical damage to the business property.
Also, be sure to ask for a “civil authority provision” which in a business policy could be an extra precaution to cover lost income and additional expenses in the event the police or fire department bars access to a specific area as a result of the danger caused by a riot or civil commotion.
If you own —or may be considering to start a business in the states of Florida, Georgia or Texas, Garzor Insurance offers you commercial insurance options that grow with your business. Get your business insurance quote today to compare the offerings from different insurance carriers, and save. Contact us for an initial consultation (321) 206-8035!
Yaralyn Diaz, CSR
Commercial Lines CSR
