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Health and Wellness Advice for Entrepreneurs in the Time of COVID-19

Posted: 18 May 2020 01:00 PM PDT

The COVID-19 pandemic, and its economic fallout, has mounted unprecedented challenges for the modern, global entrepreneurial community. To give you an idea, 41% of startups globally have less than three months' worth of cash on hand, and 74% of startups have had to terminate full-time employees because of economic constraints, according to a recent survey from consultancy Startup Genome. 

Faced with so much chaos, founders could be forgiven for overlooking a key responsibility they hold to their organizations: Keeping themselves healthy enough to run their businesses. 

But with the very real physiological and psychological threats related to COVID-19, entrepreneurs must pay extra attention to their health and wellness to lead their companies through the crisis. Here is some advice for founders about how to stay well during times of COVID-19. 

Monitor your stress levels.

Entrepreneurs aren't known for turning tail and retreating when faced with stressful situations. Many even thrive under stress. And to some extent, stress can be a motivator. But according to Harvard researchers John D. Dodson and Robert M. Yerkes, once stress exceeds a certain level, it creates anxiety and production levels plummet substantially; a scenario graphed out in their famous Yerkes Dodson curve. 

With the spread of COVID-19, there is no shortage of factors contributing to heightened stress for entrepreneurs. At the end of April, Crunchbase reported that "280 startups have laid off 21,609 employees" since the outbreak was declared a pandemic on March 12, and Reuters recently reported a 26% spike in commercial Chapter 11 bankruptcy filings in April.

All the uncertainty surrounding the COVID-19 outbreak and its economic fallout isn't just impacting entrepreneurs' productivity, it's taking a toll on their mental health. According to a March Pew Research Center survey, nearly 1 in 5 in the United States reported having had a physical reaction "at least some or a little of the time when thinking about the outbreak."

David Brown, co-founder and CEO of the global seed accelerator Techstars, said in a question-and-answer session that the weight on founders right now was enormous, with some losing investor support and others being forced to lay off staff. "It is so hard to be an entrepreneur in the first place," he said. "It is a rollercoaster, and it is full of ups and downs. There were companies that were on downs when this hit, that are then having another down."

The negative effects of stress don't end with mental health either. Studies show that increased stress levels contribute to changes in blood sugar levels as well as other physiological side effects. For founders with common pre-existing metabolic dysfunction such as high blood pressure, high blood sugar or abdominal obesity, monitoring stress and concentrating on healthy habits becomes even more imperative as researchers continue to link high rates of COVID-19 deaths to comorbidities such as diabetes. 

In a recent review in the journal Metabolism, Casey Means, MD, argued that dietary and lifestyle interventions are the best tools we have to help our society prepare for the next pandemic. She also says that monitoring stress is more important than ever, in part because of stress's impact on mental health, digestive health, and the immune system. For founders to remain healthy and present to manage their companies through these trying times, they should prioritize monitoring and managing their stress. 

There are some general rules to follow for monitoring stress. Herbert Benson and Peg Baim of the Benson-Henry Institute for Mind Body Medicine in Boston told Harvard Business Review that founders should constantly self-monitor indicators that can point to high levels of stress. Some good questions founders should regularly ask themselves include: 

  • Are you losing your attention span after or during work projects? 
  • What is your overall mood about the work you're doing? Are you optimistic or frustrated?
  • How is your stamina? Do you have the energy to move forward, or are you stalled? 
  • Are you experiencing any physical reactions that could be caused by stress? (For example, heartburn, headaches or dizziness). 

There is also this online self-assessment tool created by Kaiser Permanente's FindYourWords campaign to better understand one's mental health. 

Experts have some recommendations for COVID-19-related stress management as well. 

Aiysha Malik, technical officer in the department of mental health and substance use at the World Health Organization recommends not getting lost in the sea of information surrounding the spread of the virus, and focusing attention on authoritative bodies such as the WHO or the Centers for Disease Control to get trusted information about the virus. Avoiding panic-driven headlines and social media posts can help stem the spread of misinformation, but also lower stress levels. 

For founders experiencing acute stress and anxiety, it is encouraged to reach out to local and national organizations for help. Some good resources include: 

  • io, a digital resource for depression and anxiety. Recently they made available free resources related to COVID-19.
  • Mental Health America's COVID-19 resources.
  • The Substance Abuse and Mental Health Services Administration provides a tool to find support near you.

Stress and anxiety are inevitable side effects of founding a company. But the economic uncertainty caused by COVID-19 will take stress to new heights, and founders should remain conscientious of their own stress levels and manage them accordingly. 

Exercise regularly to manage stress and boost immunity.

One of the best-proven stress managers is regular exercise, and founders should take note. Champions of regular workout routines include some of the most successful entrepreneurs of our time, including Facebook CEO Mark Zuckerberg, Virgin Group Founder Richard Branson and former Microsoft Chairman Bill Gates.  A study in Canada has shown that entrepreneurs are working harder and "enjoying less downtime" for activities such as exercise. In the general population, the American Psychological Association reported that just 17% of adults are exercising daily, despite the finding that 53% of adults say they feel good about themselves after exercising. 

What's more, exercise can also help boost the immune system. According to the publishing division of Harvard Medical School, "Just like a healthy diet, exercise can contribute to general good health and therefore to a healthy immune system." The report notes that exercise promotes good circulation, which in turn helps build up the immune system. 

With social distancing measures to combat the spread of the virus negatively impacting our daily physical activity, it is more important than ever for founders to carve out time in their week for exercise. 

San Francisco-based CEO coach and host of The B-Suite Podcast Barbara Shannon says that regular exercise has gone from being a "nice-to-have" healthy habit, to being an essential respite from the lockdown. In this way, the pandemic is helping business leaders acknowledge how being active improves our team productivity as well as our general well-being. A study in the Journal of Small Business Management echoes this sentiment, finding that exercise "in fact does help entrepreneurs in meeting both their intrinsic and extrinsic goals." It's also turning into a new way to strengthen work relationships, as teams share fitness app recommendations and health tips during meetings and via communication tools. 

During times of self-isolation due to COVID-19, the WHO recommends that people get "150 minutes of moderate-intensity or 75 minutes of vigorous-intensity physical activity per week, or a combination of both." According to the global health body, founders can allocate their total weekly minutes in a variety of different ways, including short bouts of physical activity (such as push-ups or jumping jacks) throughout the day, taking longer walks or jogs while maintaining mandated social distancing protocol, or participating in online exercise classes or YouTube exercise tutorials, among others. 

Even during normal times, exercise is a powerful tool for entrepreneurs to help manage stress and remain physically fit. As daily physical activity is diminished due to social distancing measures, founders should pay extra attention to attaining the weekly recommended amount of exercise to help keep themselves healthy to manage their companies. As leaders, they should also pass these best practices on to the rest of their employees. 

Leverage technology to stay healthy.

We're living in an era of accelerated digital transformation across all industries, and healthcare and wellness are no exception. Founders should take advantage of digital health solutions to help them monitor and manage their health, tailor medicine to their personal needs, and when possible, make healthcare more affordable and accessible. 

Fitness tracking applications from companies like Apple Health can help founders stay aware of their physical activity and motivate them to get healthier. However, recent technology advances are pushing health tracking even further with apps like Apple's ECG which monitors the wearer's heart rate, and Levels' metabolic health monitoring software coupled with a continuous glucose monitoring device that allows wearers to receive instant data about their unique metabolism and its functionality. For meditation and to track sleeping habits, Kenn Gudbergsen of TrainAway recommended Headspace and Fitbit.

Digital health innovations are also aiming to help people stay safe in times of COVID-19. Health insurance technology startup Abartys Health recently launched its PatientLynk platform which provides patients with faster, better access to their healthcare information, including COVID-19 test results. Silicon Valley startup BreathResearch is creating personal spirometers – a device that measures the air moving into and out of the lungs – to help enable early detection of respiratory illness, and Valera Health is launching personalized telemental health services to help people with COVID-19-related stress and anxiety. A full list of innovative startups solving COVID-19 related problems can be found on StartupHealth.com. 

These types of technological advances are providing individuals with insights into their own personal health that weren't available a few short years ago, and founders would be wise to leverage this technology to keep themselves healthy. 

As the outbreak of COVID-19 in the United States moves into its fourth month, and more businesses are impacted by its health and economic fallouts, it is more important than ever for founders to remain healthy to better lead their companies through uncertain times.

Can You File a Business Interruption Claim During COVID-19? It Depends.

Posted: 18 May 2020 10:00 AM PDT

Your state has ordered you to shut down your clothing store, yoga studio or bookstore because of the COVID-19 pandemic. Or maybe your restaurant can only offer pickup and delivery, and your profits are plummeting. Filing a business interruption claim with your insurance company should provide you with at least some financial relief, right?

Maybe not.

Businesses are finding out that collecting from their insurers might not be so easy – might even be impossible – even if they've added business interruption insurance coverage to their business insurance package. Insurers are arguing that losses from the COVID-19 pandemic don't fall under the protection of this coverage.

This could make it impossible for business owners to get relief from their insurers even if their restaurants, apparel stores, jewelry stores and other companies are shuttered for months because of state-ordered shutdowns.

Not a physical loss?

The argument against paying out for COVID-related business shutdowns? Insurers say that business interruption policies only provide coverage when policyholders suffer a loss of income because of physical loss or damage to their business.

If insurers follow this definition, losses from a COVID-related shutdown would not qualify for a payout.

This might come as a surprise to business owners who have been paying for business interruption coverage for several years. This insurance, while not overly expensive, isn't free. Insureon estimates that it costs most small business owners $500 to $1,000 every year for this additional coverage.

The cost, though, can soar to higher levels for owners running larger and more complicated businesses.

Typically, this insurance compensates business owners for lost revenue and other expenses if a fire, flood or other disaster forces owners to shut their business temporarily.

While other forms of business insurance would cover the renovations or repairs needed to reopen, business interruption insurance reimburses owners for the income they've lost because they've had to shut down their businesses.

This insurance can cover a wide range of expenses, including lost revenue, employee wages, taxes, rent payments or relocation costs.

The coverage question

What this insurance usually doesn't cover, though, is income businesses lose because they must scale back their operations. So a restaurant that can't offer dine-in service but can offer pickup and delivery wouldn't necessarily be able to make a claim.

Business interruption coverage also doesn't cover business losses unrelated to property insurance. This is where the larger coronavirus exception comes in.

Consider a statement released by the American Property Casualty Insurance Association. This trade organization stated that even those policies that include business interruption coverage do not provide coverage for communicable diseases or viruses such as COVID-19.

The statement is blunt in its opinion of whether COVID-19 losses are covered: "Pandemic outbreaks are uninsured because they are uninsurable."

The association added that insurers could face financial disaster if legislators try to force insurance companies to pay up for COVID-related business losses. According to the association, such a move would threaten the solvency of insurers and prevent them from being able to cover the losses that they do cover under their existing policies.

The National Association of Insurance Commissioners has also released a statement urging Congress not to enact legislation that would force them to pay out for COVID-related business losses. In its statement, the association says that business interruption policies were never designed to cover losses related to "communicable diseases."

These pleas, though, haven't stopped legislators. Many have proposed bills that would require insurers to pay businesses that have had to shut down because of the pandemic.

New Jersey led the way here, with the state legislature becoming the first to propose such a bill. Other states, such as New York and Pennsylvania, have followed.

Even more troubling for insurers, and a potential source of good news for business owners, is the proposed Business Interruption Insurance Coverage Act of 2020. Congress in April 14 introduced this proposal. If passed, it would require insurance companies to cover interruptions because of "viral pandemics, forced closures of businesses, mandatory evacuations and public safety power shut-offs."

Congress has also introduced the Pandemic Risk Insurance Act of 2020 as a type of sister legislation. This act, if approved, would create a fund that would reimburse insurers for some of the costs they would incur by covering losses related to pandemics such as COVID-19.

None of these bills have yet passed, and the insurance industry is fighting them. Expect this to be a heated battle. Several policyholders, represented by their lawyers, have already filed lawsuits against insurers. These cases, too, have not as of the writing of this column been decided.

What can business owners do?

What should business owners do today as the country waits to see exactly what, if any, financial support insurance companies will have to provide them because of the pandemic?

First? Review your business insurance policy carefully to determine exactly what it does and doesn't cover. If you can't find a copy of your policy, call your insurer and ask for one. This is not the time to skimp on your research.

Once you have a copy of your policy, pay close attention to what types of losses it covers. Also, look for any exclusions or limits. You might ask your attorney to review your policy for you, too, asking this legal professional to keep an eye out for anything that might limit or exclude losses related to the COVID-19 pandemic.

Next, start to build your case for an insurance payout. Document how COVID-19 has impacted your business. If the pandemic has forced you to shut your business during a state lockdown or has resulted in a 75% drop in income, document this for your insurer. If your customer base has dwindled because of the pandemic, document this, too. Collect any documents, such as receipts and income statements, that help prove the financial pain that COVID-19 has brought to your business.

If you've had to spend extra money on your business because of the pandemic, document this, too. You might have had to boost cleaning efforts at your business. Maybe you've had to increase the security measures protecting your business as it sits shuttered. This all costs money, money that you've had to spend because of the virus and resulting shutdown. Again, collect any documents that show how much you've spent to keep your business safe or partially operating during the pandemic.

Finally, it makes sense to file a claim with your insurer even if you think the company will reject it. By filing now, you'll make any notification deadlines that your insurer might have in place. This way, if a state or federal law forces your insurer to pay up for COVID-19 losses, you won't have to worry about having missed a filing deadline.

Don't use the pandemic as an excuse to skimp on your business insurance

Remember, too, that even if insurance companies don't eventually pay out any damages because of pandemic-related losses, this doesn't mean that you shouldn't be reviewing your business insurance coverage on a regular basis. It also doesn't mean that you should cut back on your coverage.

The truth is, every small business needs adequate insurance coverage. Yes, COVID-19 is at the top of everyone's mind today. But small business owners still face other serious threats, as this short video explains.

Hackers are still stealing data from businesses. They're still accessing the personal financial information and passwords of customers. Employees still might post embarrassing or malicious information online. And customers will still sue business owners if they feel that the products or services they purchased didn't work or were dangerous.

Because of this, it's important for business owners to continue to invest in small business insurance. You might be disappointed that insurers are denying COVID-19 claims. But your business still needs the additional protection afforded by a solid small business insurance package.

The COVID-19 Return-to-Work Guide for Small Businesses

Posted: 18 May 2020 05:26 AM PDT

While there is no roadmap to guarantee a smooth return to work in the wake of the coronavirus, there are guidelines and strategies you can implement now to help your business ease back into normalcy, or at least some version of it. This guide for the small business reader offers information on how businesses nationwide will begin to reopen, as well as targeted industry advice for workplace safety and valuable resources to help you create an action plan for getting back to work.

How should a return-to-work program be implemented?

President Donald Trump has released a guide, Opening Up America Again, which answers some basic questions you may have about how the country will begin reopening and where your business fits into that equation. (Keep in mind that the guidelines outlined here are just that – guidelines – and each state is free to make its own decisions about reopening.) It recommends that states meet the following criteria before reopening:

  • There should be a 14-day downward trajectory of the number of patients with COVID-19 symptoms and patients with influenza-like symptoms.

  • There should be a 14-day downward trajectory for documented COVID-19 cases or a downward trajectory for positive tests as a percentage of total tests for the same period of time.

  • Hospitals should be able to meet all patients' needs without crisis care.

  • There should be a "robust testing program in place for at-risk healthcare workers, including emerging antibody testing."

Because states are managing the coronavirus independently, the White House guidelines are general advice with a lot of room for interpretation and various applications. That said, the Trump administration's guide provides some ideas on how businesses should protect themselves and their employees throughout each phase of reopening. Regardless of disease control phase, the document provides recommendations about sanitation, social distancing, protective gear, temperature checks and business travel.

Phase one guidelines

Throughout the first phase, business owners may begin to start operations again, but it's recommended to do it in stages, not all at once. All employees who can feasibly do their jobs remotely should be allowed to continue to do so. The only employees who should return to work onsite in phase one of reopening are those who cannot perform their duties from home.

The guidance says that during business operations, common areas should be closed off, nonessential travel should be minimized in accordance with CDC guidelines, and business owners should create a plan to work with their companies' most vulnerable members, who may need to continue social distancing at home.

Throughout phase one, it is recommended that schools, organized youth activities, large venues (concert arenas, movie theaters, etc.), elder care facilities and bars remain closed to the public, but that gyms reopen and elective surgeries resume.

Phase two guidelines

According to the guidelines, states should only enter phase two after they have completed phase one and allowed enough time for them to pass the preliminary disease control requirements (having a decline in cases and symptoms over a 14-day period) a second time. In other words, a state must have another decline in cases over another two-week period to reach phase two.

Even at this juncture, vulnerable populations are advised to continue sheltering at home and social distancing, so it is imperative that your company has an accommodation plan for vulnerable employees going forward. Employees who are not vulnerable but reside with someone who is should continue social distancing so as not to put their households at risk.

At this stage, the government still recommends that all businesses encourage remote work whenever possible. Workers should not be required to return to the office if they can reasonably do their jobs remotely. Only employees who cannot work from home should be in the workplace.

In phase two, youth activities may resume, large venues can operate if they maintain social distancing rules, and bars may reopen at lower capacity, but elder care facilities should remain closed to the public.

Phase three guidelines

To enter stage three, states must pass the initial gatekeeping guidelines yet again. So, for a third time, the state should be able to show a 14-day decline in coronavirus cases. At this stage, employers may resume unrestricted staffing of worksites. Vulnerable populations are encouraged to resume public interaction very conservatively, maintaining social distancing guidelines where possible.

At this stage, large venues may reopen with more lenient social distancing in place, bars can increase their occupancy, and people can visit patients in elder care facilities and hospitals.

Trump's COVID-19 reopening plan versus state reopening plans

As of the writing of this article, no states have achieved the 14-day decline guidelines laid out in Opening Up America Again. However, since states are legally allowed to reopen whether they've met these benchmarks or not, they are starting to do so.

Just because your state decides to allow businesses more leeway in operations does not mean you have to reopen. Business owners must each judge for themselves what is reasonable and financially feasible, while staying within the confines of the local law.

For up-to-date coverage on which states are reopening and to what extent, consult this comprehensive guide from the U.S. Chamber of Commerce.

What policies need to be updated as employees return to work?

Before your employees return to work, you need to have a plan for balancing workplace safety and profitability. We have compiled these guidelines and resources from various states' government websites as well as from the best practices espoused by the CDC and the U.S. federal government.

1. Create a COVID-19 business cleanliness plan.

Implement stringent cleaning plans and sanitization processes for disease control before reopening your business premises. The CDC offers the best and most detailed plan for business sanitization, and we highly recommend all business owners refer to it.

Prior to creating an action plan, reach out to the most reliable people on your team now, especially managers and department heads, and collaborate with them as you develop back-to-work strategies. Also consider the guidance from the Occupational Safety and Health Administration (OSHA) on developing an infectious disease preparedness and response plan; this guide includes direct advice on creating good workplace policies and controls to promote workplace safety.

2. Support public health while running your business.

Beyond basic sanitation, having a real, actionable plan for supporting public health and worker safety is imperative. In addition to social distancing – which may require reorganizing your workspace, or staffing workers in shifts with only 50% of them working at a time – you will need to consider providing personal protective equipment (PPE), which may include hand sanitizer, gloves, masks or shields.

In addition to procuring the appropriate PPE for your staff, you will need to create policies around using it and around sanitization efforts in general. The CDC recommends appointing one employee as the workplace coordinator to oversee the pandemic return-to-work process. Reputable sources are careful to point out that training is essential for effective use of PPE. Free training videos from the CDC are available online.

Lack of compliance with new safety measures may become an issue among employees. Your messaging around the safety precautions should make it clear that following these protocols is now part of each worker's job duties and there will be repercussions for noncompliance. If you have any in-house human resources professionals, you should work with them to make sure safety standards are clearly communicated and understood.

3. Provide reasonable accommodation and sick leave.

Reasonable accommodation for vulnerable populations is recommended throughout every phase of reopening, and continuing remote work (where it applies) is the most obvious solution. According to Opening Up America Again, vulnerable populations include all elderly people, as well as "individuals with serious underlying health conditions, including high blood pressure, chronic lung disease, diabetes, obesity, asthma, and those whose immune system is compromised, such as by chemotherapy for cancer and other conditions requiring such therapy."

Many companies have announced that they are allowing all employees to continue remote work indefinitely, and to only return to the office premises when they feel compelled to do so.

Of course, not every job can be done with just a laptop and an internet connection. If you employ workers who must be onsite, you'll need a plan for vulnerable employees who cannot come back to work. You might assume no one in your workforce is a vulnerable person, but in addition to employing someone with an invisible illness or disability, you may well have a staff member who lives with a high-risk person.

If you ask your employees about their health, you must stay within the law and not overstep any boundaries. The U.S. Equal Employment Opportunity Commission breaks down the boundaries set by the ADA, the Rehabilitation Act and other EEO laws here. It may also be worthwhile to consult your business's attorney on how to communicate and roll out your reasonable accommodation plan to your affected employees.

Your communications to staff regarding pandemic accommodations should include not only information for vulnerable populations but also general policies on sick leave and PTO during this challenging time. Most businesses are creating coronavirus sick leave policies that allow employees to stay home for two weeks at a time if they are at all ill. That way, workers don't come to work sick in an effort to preserve their accrued sick leave or PTO. You should also establish how you expect employees to relay their symptoms to their managers and have a plan for the managers should they need to make a quick staff replacement.  

COVID-19 return-to-work plans by industry

Many states, such as Connecticut and Texas, as well as independent business organizations like the American Industrial Hygiene Association have issued industry-specific guidelines for reopening businesses in a COVID-19 world. Here are some key takeaways for small business owners, based on industry, as well as links to helpful resources with more detailed descriptions of to-do lists, action items and reopening strategies. We recommend consulting multiple sources of information for reference as you create your own COVID-19 return-to-work plan.

Gyms, fitness centers and outdoor sports

Common guidelines for gym owners include operating at half occupancy by blocking off half of all machinery, limiting the number of patrons working out at a time, providing PPE to workers and having patrons bring their own towels. AIHA has a free guidance document for gyms and fitness centers, as do several states, including Arizona, Idaho and Tennessee. There are also COVID-19 guidance documents from the CDC for park administrators and managers of public swimming pools and aquatic centers.

Hair salons, aesthetician services and barber shops

Along with operating at half capacity, there are several recommended strategies for operating a hair salon, spa or barber shop. This free guidance from the Connecticut state government is particularly detailed, including recommendations for close-up tasks like beard trims and facials. AIHA has a guide just for hair and nail salons, as does the state of Colorado.

Industrial and construction businesses

Many construction companies and essential industrial outfits are already operating, but there are industry guides available for those that are just now reopening. The CDC guidance for manufacturers is comprehensive and potentially useful for any small business owner in the industrial sector. This guide from AIHA is an essential read for construction-related businesses, and this guide on in-home service providers may be of interest as well.

Offices

There is ample CDC guidance for reopening offices while maintaining public health, but all official recommendations state that every staff member who can work remotely should continue to do so throughout all the reopening phases. If your business's essential onsite workers are returning to the office, this CDC guide for small businesses and this AIHA guide for general office settings are helpful.

Restaurants

Disease control is always a concern for restaurants, but doubly so now, which is perhaps why there is more guidance for food service than for any other industry. The Food and Drug Administration published this checklist for food safety, and the National Restaurant Association's comprehensive guide is also worth reading. There are also state-specific resources, like the excellent guides for California and Nebraska.

Retailers

This succinct guidance from OSHA for retail workers offers insight into what you need to provide for your workers. If you're a member of the National Retail Federation, you can access its support portal that's recommended by the U.S. Chamber of Commerce. In case you're not an NRF member, this retail guide from AIHA is excellent.

When should my business reopen?

CDC guidance indicates that reopening the economy, in the U.S. and elsewhere, will be a long, gradual process, potentially laced with minor setbacks and readjustments. It's key to cultivate an attitude of flexibility from the top down and to prioritize your employees' health. As to when you should bring employees back to work, that's a matter of what's approved in your local area, how fleshed out your pandemic operation measures are, and what you and your staff are willing to do.

If you have a comprehensive plan for sanitizing and social distancing in your workplace, providing paid sick leave for employees with illness, offering remote work options where available, and serving clients safely, you're doing just about all you can do to prepare for a successful reopening.
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