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Is your business safe during nationwide strikes?

Is your business safe during nationwide strikes?

A joint forum comprising several Central Trade Unions has announced a two day nationwide strike in protest of certain economic policies.

The functioning of banks, financial institutions, and transport services are all expected to be impacted by the strike, as the All India Bank employees association pledges support to the pan-India strike.

Unions from multiple sectors, including coal, steel, oil, telecom, postal, income tax, copper, banks, insurance have issued strike notices, with additional support also coming from the railway, defence, and education sectors.

Although large scale strikes akin to the country’s colossal Bharat Bandh are intended to be peaceful, sometimes things take a violent turn when widespread disturbances end up causing huge damage to surrounding property.

But thankfully, shops, factories, and other establishments that have Fire Insurance are completely protected from such losses!

Fire Insurance policies come with a particular cover known as RSMD, which effectively stands for Riots, Strikes, and Malicious damage. Under this cover, businesses can get compensated for any damage to buildings, machinery, equipment, furniture, etc. due to strikes or riots.

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Further Reading

Learn more: RSMD perils coverage in Fire Insurance policies