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Facing uncertain times can be nerve-wracking for small businesses. From COVID-19 shutdowns to sudden recessions, each jeopardizes your income and increases the risk of loss. However, with the proper precautions and quality business insurance, it’s possible to keep these disruptions from destroying your business. Consider the following to ensure that you have the protection you need to survive.

3 Tips for Protecting Business During COVID-19

1. Prioritize Self Care

Stop the downward spiral by giving yourself time to process. Find ways to remain calm, and focus on one step at a time. Limit the news and remind yourself to stay positive by posting uplifting quotes throughout the office. It’s the simple things that will allow you to approach the situation with clarity and make decisions that keep the business moving forward.

2. File for a PPP Loan. 

business insuranceThe Paycheck Protection Program is a loan designed to provide a direct incentive for small businesses to keep their workers on the payroll. SBA will forgive loans if all employees are kept on the payroll for eight weeks and the money is used for payroll, rent, mortgage interest, or utilities.

3. Negotiate With Creditors

Given the current conditions, lenders may be willing to extend payment periods. The only way to find out is by contacting each one directly. Compile a list of all upcoming bills and determine which ones will be challenging to fulfill. Once you get in touch, explain the situation and ask if they’re willing to defer, reduce, or forgive that month’s payment. Making an effort shows that you’re available for discussion and could pave the way for compromise.

 

Give your business the coverage that it requires by reaching out to Daniel Oliver Insurance Agency of Edina, MN. With more than 30 years of experience as a Farmers Insurance Agent, Daniel Oliver and his team are skilled at creating custom policies and will provide the personalized attention your company deserves. While they specialize in business insurance, these professionals also supply homeowners, life, and auto policies. You can learn more about the coverage that’s available by visiting their website. Call (952) 925-4454 to request a quote.

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