Beating COVID-19: Tips for Your Insurance, Finances, and Business - May 16, 2020

May 16, 2020
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News. Insights. Analysis. Inspiration.


"How to Nudge Your Customers to Settle Their Accounts"

From American Express:

* Businesses looking to maximize cash flow can explore accounts receivable by asking their customers to make good on outstanding invoices. The trouble is that some of those companies may be struggling with cash flow themselves, making them reluctant, unwilling or incapable of settling their debts until certainty is restored to the economic climate.  

* This is why now is a good time to make your collection process more rigorous and look at which of your customers might be changing their own payment practices.



"Why Life Settlements Are Becoming A Mainstream Financial Option"

From Forbes:

* Besides the details above, the following explains why life settlements are becoming a mainstream financial option for retirees:

*The pandemic’s impact on jobs and retirement accounts: The recent COVID-19 pandemic has hit retirement accounts hard and caused millions to lose their jobs. Many of these workers are seniors who have had to continue working due to the senior retirement gap. Life settlements can be a source of urgently needed funds.



"The Importance of Business Continuity Plan and Resilience Orchestration"

From Business Magazine:

* The Importance of Business Continuity Plan and Resilience Orchestration* Each and every business faces some or the other challenges. There also exist potential risk factors which have the ability to cause significant setback, or even utter ruination, should they come to pass. 

* This is where being vigilant and prepared comes to the rescue. It is evident that preparedness is the key to mitigating risks, avoiding disaster, and having a plan in place to cope and recover when unprecedented setbacks occur. Regardless of the type of business, keeping a  business continuity plan in place is vital.



"This Hong Kong restaurant group created a manual about how to handle the pandemic, and it's become a blueprint guide for restaurateurs around the world"

From Business insider:

* Hussain and his team took immediate action and set about in creating a set of guidelines that his 1,000 person team working across 23 restaurants were asked to follow in order to keep employees and guests safe as the restaurants stayed open. 

This included anything from mandatory temperature checks on arrival to handwashing every 30 minutes and a ban on all physical contact – no handshakes, no high fives, and no fist pumps.

* It wasn't long before Hussain and his team was receiving calls from restaurants around the city who had heard about the rules they were enforcing and wanted advice. So, they decided to make their playbook public to help their neighbors.



"Police Try To Shut Down Restaurant Defying Stay-at-Home Order, Community Shows Up Anyway"

From Western Journal:

* “If you’re Costco or Target or any other retailer out there that has been able to remain open and have people enter your business and otherwise be exposed to other people, they can do it. But small owners are being told to stay shut down,” Ramirez told The Western Journal.

* “It is what it is, but when you start criminalizing a business owner that is operating an otherwise legal business, their crime is just opening, we have an issue with that and my client is willing to fight that.”


Here's a short video from Steve on how you can purchase insurance in these changing times....Watch Here