Even businesses with the best-laid strategic and tactical plans are likely to have their operations impacted by an unforeseeable and challenging world event such as COVID-19—which has prompted responsive, dramatic, and sometimes hurriedly made changes to business operations, as well as uncertainty about the future.
In the wake of the coronavirus shutdowns, a recent survey taken by Chubb and the National Center for the Middle Market (NCMM) shows that the vast majority of mid-sized businesses (86%) felt that COVID-19 had an immediate negative operational impact, and 51% felt that uncertainty was the most difficult aspect of the pandemic1.
One definite certainty in any crisis — and a safeguard for the future — is the need to mitigate the potential risks that arise from rapid changes in business practices and procedures.
Your insurance agent or broker can provide valuable insights when assessing and managing these risks; here are three key areas you’ll want to review.
Changes in where, if, and how employees work can impact business exposures.
Shuttered Buildings and Operations
If you have shut down your building or equipment, make sure you have taken the appropriate defensive measures.
Supply Change Management and Operational Repurposing
Changes in how you’re conducting business and using your operations and facilities can necessitate changes to your insurance policies and risk management program.
1 “Covid-19 and the Middle Market”, a 2020 survey conducted by Chubb and the National Center for the Middle Market (NCMM).