David Luck - CEO of Capital on Tap, shared with Corporate Risk and Insurance a business health checklist, that aims to help leaders and risk managers ensure that they have the best plan in place for the business’s longevity.
Checking your insurance coverage should be priority number one. The most relevant policies to check for during the coronavirus include:
While people are working remotely, there may be costs that can be reduced or removed entirely such as any food or drink deliveries and rented equipment. You could also speak to your office provider and potentially ask for a ‘rent holiday’ while the office is being unused.
Some governments at the national and local level are providing assistance. For example, the UK government is opening applications for a new interest-free Business Interruption Loan Scheme, as well as grants for the hospitality industry. If those are applicable to you, you should investigate further information as it becomes available, as these may be of great use for protecting your company during this period.
Securing as much of your finances as possible is important during times of difficulty. If you have outstanding finances with customers or clients, you should be sure to chase them as soon as possible so you have a clear idea of what funds you have available.
While it is important to keep outgoing costs low, you need to plan for outgoing finances and should maintain a realistic idea of what you need in order to keep your business going or stable. Your employees may need support in order to work from home for example, such as devices that allow them to access the same functionality they would have in the office.
Related to the previous point, it may not be viable to continue with your normal process of work during this crisis. Review alternative methods of providing your usual service and have conversations with your clients and customers – as well as your employees – regarding potential changes, to work out the best solution for all parties.
As most employees will be working from home, it’s important to review your security policies regarding cyber threats. More communication will take place via digital means rather than in person, meaning that it’s more susceptible to attacks and invasions from hackers. Send reminders to your employees on correct procedures for preventing cyber threats and consider putting in place VPN and device monitoring software.
In order to maintain morale, you need to communicate with your employees regularly and ensure they have all the facilities they need to do their work and get through whatever trouble they might face personally.
A little less focused on the business side, it’s nonetheless vital to remind all of your employees about best health practices during the coronavirus, including washing their hands and social distancing. Keeping your employees healthy will support both them and your business.