With all the chaos and buzz of information regarding quarantine and COVID-19, a lot of the Designers and Contractors we’ve been talking to are worried. As Business owners and freelancers, there often isn’t a safety net in case of emergencies. And this is an unusual case, even as emergencies go.
What steps can we be taking right now?
First, AIBI reached out to Michael Klee, of Alliant Insurance, to see what he recommended. What kind of advice could he give on how to navigate and understand your business insurance with all this unexpected disruption?
In the short phone call we were able to fit in, he advised contacting your insurance carrier and having them review your policy. Many people usually have coverage only for physical damage to property (ie smoke or water damage). However, things have changed with the pandemic rapidly, so we don’t know yet what may be possible in the near future.
Which brings us to our first piece of advice: Document Everything!
If you have a loss? Document it. Write down dates, what you had to do. Keep track of numbers as best you can, loss of sales as well as unexpected expenses tied to the quarantine, etc.
Additionally, it’s a good idea to get familiar as much as you can with what bills and expenses you’re going to have in the next week, in the next month, and the next six months.
It may feel incredibly scary to see just what you might be facing, but having those numbers means you know exactly what you need. It’s easy to feel overwhelmed thinking it’s going to be “a lot”. But by knowing exactly what is fixed bills, and what potential expenses may be coming, you can better understand your cash flow… and what you’re going to need, and when.
Even with your documentation and numbers in hand, you may feel like you can only sit there and wait. There is a lot still that isn’t certain. But the Illinois Department of Commerce already has a Covid-19 Impact study underway, which you can find HERE. They are looking for your input to know what kind of businesses are being impacted and how.
We know there will be an impact. It’s still hard to tell exactly how much.
Take a breath. We’ve got more for you to come.
We’ll see you tomorrow.