Strike Insurance

What Does Strike Insurance Mean?

Strike insurance is a type of policy that covers financial losses for a business owner if their employees go on strike, stage a walkout, or engage in any other form of disruption that halts business operations. If the strike continues, the strike insurance company compensates the business owner for the income lost due to the temporary shutdown.

Insuranceopedia Explains Strike Insurance

Most business insurance policies do not cover financial losses from strikes, so employers must purchase strike insurance separately. Strike insurance sits outside the coverage bundled into most standard business owner’s policies, which is why companies with unionized workforces often buy it as a dedicated product. Typically, coverage is purchased up to a specific limit for each day the business operations are shut down. However, these policies do not cover strikes that last indefinitely. The coverage amount and duration vary depending on the specific policy. Owners who want to see where strike coverage fits alongside property and liability protection can compare the main types of business insurance available to employers.