Broker Check

COVID-19 Risk Management Lessons for Small Businesses

August 25, 2020

Mitch Davis of the M B Davis insurance consulting group has listed seven things for small businesses to consider about the effects of COVID-19.

  1. Just-in-time supply chains are susceptible to globally disruptive events. International tensions, particularly between the United States and China, complicate the problem
  2. Post-infection syndrome will create continuing problems for employees returning to work.
  3. Minorities and low income workers have been disproportionately affected.
  4. Different industries have been affected differently - some crippled while others have adapted.
  5. Regulations will change whether at the local, state or national level. How this will happen will depend on the outcome of the election.
  6. The insurance market was hardening before the pandemic. It will be more unpredictable now, but premium increases and coverage restrictions are probable.
  7. Companies may want to reconsider high deductibles or self-insurance.