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The coronavirus and its immediate aftermath have upturned American life as we know it, and businesses leaders across the country have questions about how to keep their employees safe and minimize risk to their companies as the country begins to reopen. In this blog post, we’ll discuss how worker’s compensation policies may be affected by the increased risk of communicable disease in the workplace due to the spread of COVID-19.

The coronavirus is sweeping through the nation and impacting businesses everywhere, testing companies’ resilience and the welfare of the workforce. In these unprecedented times, laws are swiftly being passed to provide support to those affected.

As health officials around the globe seek to contain the novel coronavirus (COVID-19), economies and citizens remain unsettled. In the United States this week, public events are being canceled en masse, while businesses and organizations have begun making plans for maintaining the health of their employees and bottom lines in the face of what has just been officially declared a global pandemic.

I just returned from the American Society of Safety Professional’s (ASSP) annual conference in New Orleans. It was a massive event with over 5,000 people in attendance. The conference included a great exhibit hall with 200+ exhibitors from around the globe. The speakers and breakout sessions were great, which brings me to the reason for this blog post.

Exit planning is complex. Between establishing your exit goals and transferring your business, you’ll attempt to build business value, find an appropriate successor or buyer, navigate taxes, and keep your key employees happy enough to stick around, just to name a few tasks. With so many considerations and activities surrounding your business exit, it's smart to consider creating an advisor team.

Planning for major events often falls victim to procrastination. Whether it’s planning your next career move, a long vacation, or your business exit, it’s easy to put off progress, thinking you'll wait until you have more free time. While planning a business exit should never take over your entire life, once you've decided on your exit goals, you'll see greater success when you keep your momentum going instead of stopping and starting your activities.

Through my work as a business advisor, I've seen firsthand that business owners have plenty to do. You're running your business, taking care of your home and family, and trying to attend to other responsibilities. Often, this existing to-do list is the reason business owners give for not pursuing exit planning. You may be unsure if it can help address important issues without taking up the little time you have remaining.

Laura Paredez, Director of Business Services for Hill Country Pain Associates (HCPA), manages the day-to-day operations and activities, and ensures that the business is run financially sound. In her role, Laura oversees all matters from vendor management to payroll administration. With a practice of 27 full-time employees and one part-time employee, HCPA brings with it its own set of employee considerations, of which by no means falls short of HR-related inquiries.

Imagine building your business over several decades, starting to plan your business exit, then dying unexpectedly before you can implement your plans. Business owners rarely think about how an unexpected death or permanent disability can derail even the most carefully created plans. When you think about it, this makes sense: if you were always worried about what could go wrong, you probably never would have started your business in the first place.

Workers’ compensation is a state-regulated insurance program that helps people with work-related injuries and illnesses. Employees covered by workers’ compensation get medical care to treat their injuries and illnesses.