Business owners urged to prepare for coronavirus risks

David Tew, Dispute Resolution Specialist at Cartmell Shepherd Solicitors, said: “These are uncertain times. No-one knows exactly how this is going to play out. But there are certain things you can do to protect your business.”

Tew advised business owners to check their ongoing contracts for a force majeure clause which allows a party to suspend or terminate their obligations when circumstances beyond their control arise. Additionally, he advised to check any insurance policies: “Have a close look at your business insurance policy to see if you have any business interruption coverage and check exactly what those terms are.”

Carrying out a risk assessment and taking practical steps are some more tips Tew gave business owners. He said: “If we are moving towards a situation where the advice will be for more people to self-isolate, or if there are restrictions of movement, then there are practical steps that you can take now to mitigate those risks. If you want to move to more remote working, then check the practical issues that will involve.”

Lastly, Tew advised to keep communicating with employees and clients, to discuss how to support each other: “Showing flexibility and understanding and being willing to restructure that arrangement in the short term is likely to be of benefit in the long term.”