Kristina: What risk-related issues have businesses identified since the beginning of the COVID-19 pandemic?
David Wald, CEO & Co-Founder, Aclaimant: The biggest risk-related issues businesses are facing relating to the COVID-19 pandemic are centered around keeping their employees safe, healthy and able to work.
As the world reopens, supporting a hybrid workforce and keeping employees safe who are in-person are still top of mind for businesses, but these issues look a little different. The office as we once knew it will change - and likely have fewer people in it - which means employers have to ensure both in-office and remote employees can safely and successfully do their jobs regardless of where they work. Beyond their employees, businesses could also be held responsible for customers who are exposed or become sick, which is why we're seeing COVID-19-related lawsuits more than ever.
Kristina: We are hearing more and more about the effects of economic uncertainty/instability on the consumer and employee, but what effect is this also having on large and small businesses?
David: Regardless of their size, businesses have been impacted by the COVID-19 crisis and the economic uncertainty we're experiencing as a result of that. The business risk also reached a new high, as both large and small businesses currently navigate a job market with millions still out of work but many companies unable to fill roles due to a lack of talent or lack of interest from potential employees to work in settings due to unsafe working conditions.
One way businesses can counter this economic uncertainty is by having an active risk management practice. By reducing the potential of lawsuits and also ensuring fewer employees are out of work due to illness or injury, companies can enjoy better insurance rates, which has positive economic implications on the overall business.
Kristina: As the pandemic enters year two, what do businesses need to do not only to engage both consumers and employees but to reassure them of their value?
David: Businesses can engage customers by showing how they're protecting the consumer and employees working there and mitigating any potential risk as they return to stores and workplaces. This will help reengage consumers by instilling trust in the overall business and safety precautions put in place. For example, we partner with companies in the hospitality industry, and one of the big obstacles they're facing right now is making sure their goods and services are provided in a safe, sanitary way for patrons and customers. Our job is to enable them with our tools and technology to leverage our expertise in risk management and be easily guided to creating a safe environment as they reopen. Businesses in the hospitality industry are combining safety protocols - such as temperature checks, contact tracing, and social distancing - with active risk management to re-engage with patrons and show the steps they're taking to keep people safe.
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