COVID-19 has not only raised fear among the general public for health concerns, but it has also disrupted business operations in most industries. These concerns, along with loss of profits, are just some of the severe impacts of the coronavirus. Businesses are now facing shutdowns, supply shortages, irregular staffing, and, in some instances, a decline in the demand for products and services. So, if you’re a business owner and your company has been negatively impacted due to COVID-19, then you need a solution. Thankfully, if you have proper business insurance, you’ll be automatically covered during these trying times. For instance, your business insurance can help you make up for lost revenue, pay for expenses like taxes, rent, employee wages, and more. Let’s find out what businesses should have insurance to cope with the pandemic.
Travel & Tourism
Understandably, travel and tourism has been one of the worst-hit industries. People are afraid, so they’re avoiding all non-essential travel to prevent infection. Since these industries are facing maximum business losses, they must consider having insurance to get them through this time.
Event management companies are also facing a huge loss because most of their scheduled events are canceled due to COVID-19. Hence, business insurance is definitely needed to safeguard these companies and their loss of profit.
Since most shopping centers, local marketplaces, and malls are temporarily closed, these businesses are really struggling to stay afloat. Retail businesses are also negatively impacted by the coronavirus outbreak. Most consumers have turned to online shopping as the solution for social distancing.
Sports and Entertainment
Sorry, sports fans, but the entire sports and entertainment industry has been adversely affected by COVID-19. Most major events are canceled, or closed to the public.
Small businesses are also severely impacted by the situation the coronavirus has caused. Small business owners are the ones most likely to halt their operations, reduce operation hours, and even lay off some employees.
Business Insurance Coverage
These five industries are most affected by COVID-19 and should definitely consider an appropriate insurance policy. If your business has been impacted by the pandemic, now is the time to opt for insurance for financial protection. Feel free to contact McGann Insurance at (925) 447-1744 for the right business insurance policy to help cover your losses.