5 Ways to Support Small Businesses During the COVID-19 Outbreak

The Importance of Supporting Small Businesses

Across the country, small businesses like restaurants, bars, coffee shops, barber and beauty shops, retail stores and more have been closing their doors in the wake of the coronavirus pandemic. Federal and state governments are working frantically to find methods to slow the spread of COVID-19 to help reduce the number of individuals affected. In many states, this means implementing social distancing, a practice of preventing sick people from coming into contact with healthy people to reduce transmitting the virus. Small businesses have been ordered by state and local governments to shut down as a means of reducing the number of people interacting with each other daily.

This is also known as “flattening the curve,” a term used to describe the success social distancing can have on reducing the influx in infected individuals who could overwhelm the healthcare system. Closing public places, canceling large events, and only allowing groups of 10 at a time to congregate in any one area are all examples of social distancing in the time of the coronavirus crisis.

To many small businesses, this means losing the customers who keep them afloat by buying their products or services throughout the year. These small businesses are a vital part of the U.S. economy, keeping money in the local communities and increasing the value of the local real estate. If the coronavirus pandemic causes them to close their doors for good, the entire country will feel the impact for many months, if not years, to come.

How to Support Small Businesses in the Time of Social Distancing

Shop local – online. Online shopping is convenient and can be done right from the comfort of your couch! While going through mega-retailers like Amazon might be your go-to, for now, change it up and buy items online from shops in your local community. Most, if not all, small business retailers have websites offering their products with a click of your mouse that can be delivered right to your door, so you’ll never have to worry about running low on your favorite items.
Purchase gift cards. Establishments like bars and restaurants who were forced to close will be suffering right now, with no patrons filling the barstools or booths. Consider buying gift cards for the businesses you visit most often to use later when they are officially up and running again.
Order takeout. Can’t wait until you can eat your favorite meals from your favorite local restaurants? Many are keeping things going by offering meals to go, and some are even providing free delivery. This is a great way to keep money going into the local community, and as a bonus, you still get to enjoy all your favorite dishes.
Increase the tip amount. Don’t forget, servers and delivery people will also be feeling the decrease in business, and many of them survive on the tips they’re now missing. If you’re ordering takeout or delivery, consider giving a little more than usual when tipping. The tip may not go right back to the restaurant, but it goes to the workers who can put it towards the essentials they may need during this slower time.
Practice patience. We’re all in this together. Don’t forget that many small businesses are most likely working with a skeleton staff, so you might have to wait a little longer for your delivery to arrive or for items to become available to purchase.

Federal and state governments have been working to reduce the economic disruption the coronavirus outbreak has caused, and the Small Business Administration (SBA) is offering low interest disaster loans to businesses of all sizes. In the meantime, there are things you can do to help keep your favorite small businesses from closing permanently after the COVID-19 crisis is under control. Five easy things you can do to support small businesses include:

https://www.linkedin.com/company/infinity-insurance-ny/

Specific Technologies Driving Insurtech Investment in 2024

Understanding the Funding Decline The decrease in funding does not necessarily spell trouble for the insurance sector but instead highlights a strategic shift, the report suggests. “The insurance industry, like many sectors, is focusing on the most promising ventures with substantial insurance potential,” the report explains. “Insurers are directing their investments toward key areas and current trends such as embedded insurance, employee benefits, and cyber risk management. This strategic investment approach signals a forward-looking mindset within the industry.” Three Key Insurtech Trends for 2024 The report identifies three major trends shaping insurtech investments in 2024: Public Insurtech Companies: Financial and Growth Strategies The report also notes that public insurtech companies are prioritizing revenue growth as their main goal. These firms are restructuring their financial strategies to boost cash flow and capitalize on rising revenue streams. Their growth prospects are supported by expanding asset portfolios and strong market demand. “Public insurtech companies are focusing on revenue growth and optimizing their financial frameworks to increase cash flow,” the report states. “The growth potential for these companies is driven by increasing revenue opportunities, broadening asset bases, and a robust market for their services.” In summary, while global insurtech funding saw a decline in 2023, the industry’s focus on GenAI, digital process management, and connected insurance technologies is setting the stage for a dynamic and forward-looking 2024.

Business

Insurer Secures Unanimous Supreme Court Victory in New York Choice of Law Dispute

In the world of sports, a clean sweep, a shutout, or a perfect game is the ultimate achievement. In the legal arena, a unanimous decision from the U.S. Supreme Court is equally rare and significant. In a notable legal triumph, Great Lakes Insurance SE achieved a unanimous 9-0 victory in the Supreme Court on February 21, 2024. This victory follows a protracted legal battle that began in the District Court of Pennsylvania, advanced to the U.S. Court of Appeals for the Third Circuit, and culminated in the Supreme Court’s decisive ruling. Background of the Case: Great Lakes Insurance SE v. Raiders Retreat Realty Company The heart of the dispute was the insurance contract’s clause selecting New York law to govern any future legal conflicts. Although the financial implications of this case were relatively minor compared to the broader marine insurance industry, the insurer’s determination to uphold a crucial maritime legal principle has significant long-term implications for marine insurance. Faced with the insured’s counterclaims—including allegations of breach of fiduciary duty, insurance bad faith, and violations of Pennsylvania’s Unfair Trade Practices Law—the insurer was confronted with serious risks. Such claims could lead to the shifting of attorney’s fees, treble damages, and more, which might normally encourage insurers to settle rather than risk pursuing justice. However, Great Lakes Insurance, supported by The Goldman Maritime Law Group, opted to challenge the Third Circuit’s decision and seek clarity from the Supreme Court. Supreme Court Ruling: A Landmark Decision In a landmark ruling, Justice Brett Kavanaugh affirmed that choice of law provisions in maritime contracts should be upheld by default. This ruling is a major victory for establishing a consistent federal standard in maritime law and avoiding a patchwork of state laws that could complicate marine insurance disputes. The Supreme Court’s decision overturned the Third Circuit’s earlier judgment, which had questioned whether Pennsylvania’s public policy concerns might override the insurance contract’s choice of New York law. By upholding the New York choice of law clause, the Supreme Court eliminated the extra-contractual bad faith claims under Pennsylvania law, thereby ensuring that the dispute could be resolved based on the merits of the insurance claim itself. Significance of the Supreme Court’s Decision This ruling represents a significant advancement in maritime law, affirming that choice of law clauses in maritime contracts are generally enforceable. The decision establishes a clear, uniform legal framework for resolving maritime contract disputes, which will streamline the process and ensure fair adjudication of future insurance claims. Justice Clarence Thomas’s concurring opinion was particularly notable for its criticism of the 1955 Wilburn Boat v. Fireman’s Fund Insurance decision, which had previously influenced maritime insurance law. Thomas argued that Wilburn Boat was incorrectly decided and stressed that a uniform and enforceable set of rules is essential for the development of maritime law. Impact on the Marine Insurance Industry The Supreme Court’s decision sets a “bright-line” rule affirming that choice of law clauses are valid unless there is a strong argument against the selected jurisdiction. By endorsing New York’s insurance laws as a reasonable choice, the ruling supports a more consistent and predictable legal environment for marine insurers. This decision represents a major step forward in maritime law, helping insurers better assess risks, determine premiums, and ensure fair and efficient resolution of maritime insurance disputes.

5 Ways to Support Small Businesses During the COVID-19 Outbreak