BUSINESS OWNERS DURING THE PANDEMIC

The pandemic has been an eye-opener for many, especially small business owners in California. It has shown us that practicing good mental health habits are even more important now than ever before. With many businesses losing revenue or closing their doors, the stress and anxiety levels have undoubtedly been through the roof for some small business owners.

So, let’s take a look at how reducing stress as a business owner during the pandemic can help your business and team.

Self-Care

Business owners find themselves at times buried under a ton of responsibilities and tasks that just have to get done. However, this doesn’t mean that self-care should go out the window. Never neglect the basics. Ensure that as a business owner, you get a good amount of sleep, eat a nutritious diet, and exercise regularly.

If your routine has had to change during the pandemic, then come up with a new routine that makes the most sense for you and your business as well as your employees.

Learn How to Prioritize

A small business can be both professional and personal for a business owner. So, when they see that it is struggling, it can affect many facets of an owner’s life. If you can’t take care of yourself, you won’t be able to properly take care of your business and staff. This is when you need to prioritize what needs to be done and sharpen your leadership skills.

If you need help, don’t be afraid to reach out for help, whether it is help with the business or help with learning how to cope with what is happening. You need to find a way to settle back into a routine that works for everyone.

Overcome Financial Stress

If you are a business owner who had to shut their doors during the pandemic, you are probably also getting buried under an immense amount of pressure and stress as you aren’t sure how to proceed. One other thing you can prioritize is making sure you have the right commercial business insurance coverage in place to help take some of the burden off your shoulders during these unprecedented times.

Business interruption insurance is coverage that can replace lost income in the event that your business is stopped because of a physical loss or damage. Over the last year, there has been some question about if this insurance coverage should also offer protection against financial loss when a business cannot operate due to COVID-19. In this case, it really depends on the policy you have and how the insurance company interprets that policy.

Business Interruption Insurance

The National Association of Insurance Commissioners has estimated that between 30 and 40% of business owners currently carry some type of business interruption coverage. This type of insurance coverage is typically used by small to medium-sized businesses that employ fewer than 100 people.

If you have been affected by the pandemic, you should review your insurance coverage and see if it covers lost income. Having the right safeguards and insurance policies in place for your business is just another way to reduce stress and anxiety as a business owner and try to get back on the right path toward success.

Contact us

For more information about commercial business insurance or what kind of policies you should have in place for your industry, contact the professionals at Panorama today.