The political economy literature states instability and uncertainty negatively affect employment and investment. While violent protests create economic uncertainty and political instability, we know little about how business elites respond to such events—most existing scholarship focuses on the impact of protests on political elites and public opinion. I argue that economically driven violent unrest creates fear and costs to business elites, who decide to coordinate through business associations and concede to rioters by increasing labor demand because they cannot rely on the state and fear future destruction and changes in the distribution of political power. I test this theory in Colombia and find that labor demand increases in municipalities exposed to violent protests, not among those exposed to nonviolent ones. Interviews with business elites and text analysis of business statements validate the theorized mechanism. Results suggest that economic elites are responsive to redistributive demands expressed through extra-electoral means.