After days of riots and looting, many businesses are looking to get back on their feet starting with filing insurance claims for the damage suffered.
"It's more devastating," said Ross. "With coronavirus, you were working with your vendors, your landlord ... We're now at a level where we have boarded our stores, and we have to get guards with weapons."
"In general, a business owner's insurance policy covers damage to property and the contents inside when the cause is fire, riots, civil commotion or vandalism," the Hartford told CNBC. "Additionally, a standard business policy covers loss of income if the income loss results from physical damage to the premises caused by a riot or civil commotion."
It's unclear what the nationwide losses will be from these events. However, for a sense of scale, the riots that followed the Rodney King police beating in 1992, resulted in $775 million in damage, or $1.42 billion today, according to the Insurance Information Institute.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
How insurance works for looted small businessesMost business owner policies cover property damage and loss in protest situations. But it’s often up to the owner to choose how much insurance to buy.
Read more »
Shopkeepers clean up businesses in Van Nuys following night of lootingVolunteers and residents help clean up following a night of protest and looting in Van Nuys.
Read more »
Small businesses already hurt by coronavirus face more devastation due to lootingIn the last week, the economic woes stemming from the coronavirus pandemic were further exacerbated when a number of small businesses throughout the nation sustained damages due to the nationwide protests fueled by the death of George Floyd. While some of the demonstrations were peaceful, others turned
Read more »
Column: Stores may be insured for looting. But guess who pays in the end (hint: you)Looting isn't a victimless crime. Even if a business is insured, higher rates are nearly certain, which will result in higher prices for customers.
Read more »
Friend of George Floyd Says He Would Have Stopped Any Looting or Riots: 'That's Not Him'Christopher Harris met George Floyd when they were in sixth grade in Houston, Texas
Read more »
Logan Paul Says Jake Paul Should NOT Have Been at AZ Looting, 'He Didn't Steal'Logan Paul says his brother Jake Paul did NOT steal anything during a looting incident at a mall in AZ -- but he's slamming his lil' bro for being there in the first place.
Read more »