DENVER, Colo. (KCNC) — For some companies, the topic of security is more important than ever, and the concept of mass shooting insurance is becoming a reality.
“We have a yearly conversation about insurance, property insurance and we were just going over our basic information and our insurer suggested that we get this add-on, which is mass causation insurance to protect us against a shooter,” said Jacqueline Bonanno.
She and her husband have worked in the restaurant business for 22 years. Bonanno Concepts now has nine restaurants in Denver as well as the Milk Market food hall.
The company has worked with Lloyd’s of London to add mass loss cover. Bonanno said it wasn’t a major cost to add him financially, but the cost was emotional.
“It’s awful. It’s awful to think about, and you have to get away from the emotions and try to think about what’s right for your business and the people you work with. I mean, it makes sense. It’s a common-sense business decision. . But it’s horrible in an emotional sense,” Bonanno said.
Mass causation insurance covers, in part, the treatment of PTSD as well as uncovered workers’ compensation claims.
“It protects you from the cost of closing your business, broken glass, light fixtures. These are the tangible physical costs of something so horrific,” Bonanno said.
The Bonannos already have a strong mental wellness program in place for their employees. It’s something employees have expressed a need for during the pandemic. Mass Causal Coverage is an extra layer of protection for the business and the people who work there.
“Socieally we shouldn’t be here, but yeah, sure, I’ll buy the insurance and do whatever it takes to protect the people I work with,” she said.
According to insurance publication Property Casualty 360, this type of cover is highly specialized and only a few companies offer quotes or have brokers experienced in writing policies for mass causal incidents.
If businesses are interested in pursuing it, Property Casualty 360 recommends requesting two or three quotes and comparing the forms closely, paying particular attention to the insurance agreement, definitions and exclusions.