As reports of confirmed Coronavirus cases increase, travel bans and mass quarantines go into effect, and citizens across the globe avoid all nonessential travel, the hotel industry is being hard hit. Without exaggeration, owners, managers, and brands that were already struggling, and even those that were not, may face existential decisions. To aid in addressing… Continue reading COVID-19 Pushes Hospitality Industry to the Edge: Key Considerations for Stakeholders
Tag: business interruption
U.S. Unions, Groups Urge Government Steps to Protect Workers from Coronavirus
Nearly 30 unions and advocacy groups on Friday urged the U.S. employee safety regulator to impose a suite of emergency measures to safeguard public-facing workers against the new coronavirus. In a letter, the groups asked the Operational Safety and Health Administration to build a list of workers in need of protection, provide training to help… Continue reading U.S. Unions, Groups Urge Government Steps to Protect Workers from Coronavirus
Spotty Sick Leave Policies Limit Options for Avoiding Virus
A barber in Beijing is supporting his wife and child by charging food and other expenses to a credit card while he waits for his employer’s shop to reopen. A waiter at a barbecue restaurant in Kansas City, Missouri, washes his hands more often and hopes for the best. A parcel delivery driver in Britain… Continue reading Spotty Sick Leave Policies Limit Options for Avoiding Virus
North American Companies Bracing for Negative Business Impact due to Coronavirus Epidemic
Despite rising concern of the effect that COVID-19 (coronavirus) will have on their businesses, most U.S. companies are taking a wait-and-see approach when it comes to adjusting their executive pay and sales compensation programs, according to a survey by Willis Towers Watson, a leading global advisory, broking and solutions company. “Companies are increasingly expecting that… Continue reading North American Companies Bracing for Negative Business Impact due to Coronavirus Epidemic
Coronavirus Will Cost Businesses Billions: Will Insurance Help?
Two years ago Munich Re, the reinsurance giant, tried to start underwriting a new kind of insurance — one that would make a company whole if its business tanked in an epidemic. For months, there were no takers. Then came the coronavirus outbreak. “Now, quite honestly, we probably have a six-month backlog in getting quotes… Continue reading Coronavirus Will Cost Businesses Billions: Will Insurance Help?
Coronavirus: Maximizing Insurance Coverage for Event Cancellation Losses
Over the past several weeks, the COVID-19 coronavirus outbreak has shaken global markets and caused widespread disruption to businesses throughout the world. As the virus continues to spread around the globe, many companies are faced with the difficult decision of whether to cancel large events due to public health concerns and the threat of travel… Continue reading Coronavirus: Maximizing Insurance Coverage for Event Cancellation Losses
Mask Manufacturers Seek Liability Protections
Demand for N95 face masks — the kind that keeps out at least 95% of particles — is surging amid more U.S. coronavirus cases. But some mask manufacturers worry they could be held liable if someone gets sick anyway. The companies have been seeking for years to get Congress to pass legislation giving them immunity… Continue reading Mask Manufacturers Seek Liability Protections
IATA: Coronavirus Impact on Airlines Could Reach $113 Billion
The International Air Transport Association now predicts the coronavirus will cause a much bigger loss in revenues for commercial airlines this year. IATA expects total revenue losses between $63 billion and $113 billion depending on the spread of the virus. The losses are much larger than the $30 billion estimated two weeks ago when the… Continue reading IATA: Coronavirus Impact on Airlines Could Reach $113 Billion
Virus Threatens to Unleash Lawsuits Against Global Business
The coronavirus has upended markets, disrupted supply chains and forced quarantines. It’s all fertile ground for lawsuits. Hospitals, restaurants, day care centers, nursing homes and hotels may face claims that they didn’t take adequate steps to protect people. Shareholders can sue if companies fail to act effectively in response to the epidemic. Businesses are scrambling… Continue reading Virus Threatens to Unleash Lawsuits Against Global Business
Big Drugmakers Warn About Coronavirus Impact on Business
Some of the world’s biggest drugmakers have begun warning that their businesses could be affected by the spread of the coronavirus. AstraZeneca PLC, Merck & Co. and Pfizer Inc. are among the companies that said recently the epidemic could affect supplies for certain drugs or sales, depending on how long the epidemic lasts. To get… Continue reading Big Drugmakers Warn About Coronavirus Impact on Business