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