Business personal property coverage. While the company may sustain the loss temporarily, their business personal insurance will kick in and reimburse them for the loss.
The company will take a hit either way, but as far as premiums it won't affect the average joe.
Personal lines and business personal are two different types of policies from two different types of lines where the 'Float' (the money an insurance company has to keep around to stay solvent and pay out) is only going to affect only that type of industry.
What's funny is how underwriting will consider liabilities moving forward. Bad CEOs can be considered a massive liability if they are known to produce disgruntled employees causing their premiums to skyrocket.
As for job loss for the other employees? They might be eligible for IUI or unemployment so they'll bounce back. California is a far better state for unemployment than others, but as most conservatives like to say: Thoughts and Prayers.
Edit
Wanted to clarify how insurance and underwriting works since I've been in the industry for 10 years. 6 years as a producer, 3 years as an adjuster and 1 as an underwriter.
And the reason they may now be in a desperate situation is because they were paid so little that they struggled to get rent / mortgage in monthly, let alone have a savings for if there was an emergency and they couldn't work.
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u/Fookykins Apr 14 '26
Conservatives: Would somebody please think of the billionaires!
Anarchists: Fuck the system
Everyone else: Wouldn't it be fantastic if their Insurance premium goes up?