COVID-19 Risks Threaten the Resiliency of Private Companies
The novel coronavirus has delivered many valuable lessons along with its widespread global impact. While the long-term repercussions are yet to be fully known, one thing is certain: the need to be resilient during crisis is critical.
Companies are striving to ensure economic stability for all concerned. A company must balance its need to generate revenue with the personal needs of employees who are concerned with their earnings, family safety, and overall health and well-being.
“This is one of the biggest concerns we currently have while talking with our brokers and clients,” said Joe Werner, Nationwide, Management Liability and Specialty.
“We’ve found that in order for companies to be responsive and remain operational, they need balance and stability,” Werner added. “This starts with understanding the need for resiliency and the array of risks accompanying this time of crisis.”
Understanding risk is only one piece of the puzzle. Successful companies, according to Werner, will be the ones that are proactive, have policies and procedures in place, and are pliable.
“Those four Ps are always important. During a crisis, they become crucial,” he said.
Here’s a look at five risks threatening resiliency in a crisis, and the key methods a company can use to combat them.
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