Is There Insurance That Protects a Business Owner From a Strike?
Even if you are only a little tiny-bit news savvy, you are probably aware of the breaking news about how politics is affecting a business. When an online company won a contract with the government to supply detention centers in Texas with bedding furnishing, no one would have imagined the upheaval?
Employees of the online furniture business voiced their disapproval via a thoroughly disruptive strike.
Notwithstanding that the decision to do business with the detention center was based on the commercial advantage of gaining profit and that in place of sleeping on the floor, the children at the centers would get actual mattresses and beds, the company’s employees determined that the transaction would make a statement of approval for detaining those illegals that were unlawfully attempting to cross the border.
The result of the walkout is in no shape or form good for business and as the refusal of employees to return to work continues it only gets worse and worse.
But while worker strikes occur within many industries – from teachers, hotel staffers and garbage collectors to nurses, hospital and aging home workers and other business employees – there is one common thread connected to the broad diversity.
It can bring extensive financial loss to the boss and his or her corporation.
And while there are a slew of insurance products that actually protect the business owner, there is only a specialty type of coverage that can shield a company from the devastation related to a workers’ strike.
It’s called Strike Insurance.
A strike insurance policy can only be bought separate of a business owners policy because it is considered specialty coverage.
It is best to sit down with an insurance specialist to determine if your business would actually benefit from this type of coverage.
As far as protection is concerned, the policy would cover the financial losses related to a continuous strike. Should your business suffer the effects of an employee strike, you would be compensated for day-to-day loss of income and monetary damages related to the walkout. Be aware, though, that policy limits apply and a strike that sees no end would also not be subject to an infinite duration of coverage protection.
For more on this type of special coverage, contact an experienced insurance agent that has the know-how and network of leading insurance companies to locate the right fit for your business situation – at the best quote.