The newly formed Business Continuity Coalition (BCC) was announced October 28, 2020, officially launching the cross-industry coalition designed to help keep jobs and businesses protected from future economic shutdowns. The BCC has brought more than two dozen industries and companies together to develop a plan with policymakers and other stakeholders to protect American jobs and to limit future economic damage from pandemics and other national emergencies that cause business interruptions.
BCC members represent more than 50 million workers in the restaurant, entertainment, hospitality, gaming, retail, communications, broadcasting and real estate industries. The BCC is advocating for a public/private business continuity insurance program that, in the event of a government-ordered shutdown, will enable employers to keep payrolls and supply chains intact, helping to limit job losses and furloughs, reducing stress on the financial system, and speeding economic recovery when government-imposed limitations on operations are lifted.
In related news, the Subcommittee on Housing, Community Development and Insurance announced October 27 that it will convene in mid-November for a virtual hearing - “Insuring against a Pandemic: Challenges and Solutions for Policyholders and Insurers” - giving this topic more steam in the weeks and months ahead.
Download the press release below.