Many businesses were already struggling with slashed revenue under the COVID-19 pandemic. But how and whether they bounce back from shattered windows, stolen merchandise and burned-out buildings hinges on one factor: their insurance policies.
Business insurance is similar to consumer car insurance: Basic liability is required by many landlords in a lease agreement, protecting proprietors in the event that they face lawsuits from customers who are injured in their stores, among other legal claims. But it may be up to the individual business owners to decide how much insurance they want to buy to cover their inventory and equipment in case of theft, fire and other scenarios.
Restaurants, whose kitchens pose fire risks, may have to pay for insurance covering their equipment at a higher rate than retail stores where customers peruse racks of clothes.The losses suffered by business due to the pandemic are excluded from typical business policies, though some carriers started offering them following the SARS pandemic in 2003, she said.
After the citywide coronavirus lockdown forced Ross to close his doors in late March, he said, the only expenses he kept paying were for his Shopify online store, basic utilities and his insurance policy. He fears some of his neighbors in the shopping district might have canceled their insurance policies during the lockdown.
Once inside, they took all the restaurant’s wine, electronics, an empty cash register and some chef’s knives; threw plates; and lit a pool of lighter fluid on fire on the floor. Next door at Osteria Mozza, looters took a third of the liquor from the bar and some high-end champagne, according to Kate Greenberg, director of operations for the restaurant group.“I hope it’s all covered” by insurance, Greenberg said. “I don’t see why we wouldn’t be.
“I didn’t know what to take, so I only took the most valuable stuff,” Ross said, such as jewelry and sunglasses.Big companies also prepared for more damage Sunday. Target closed or adjusted the hours of 175 locations across the country in response to the protests, including 49 stores in California. Whole Foods locations in and around Los Angeles, Minneapolis and Chicago remained closed Sunday, and Walmart and Apple announced that many of their stores would shutter across the country.
The cost of this week’s unrest is yet to be tallied — but in many cases, insurers will likely be stuck with the bill.California Insurance Commissioner Ricardo Lara called on insurers to move quickly to help affected businesses recover from the riots.
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