Create, Implement and Revise Your Plan as Necessary
Advice from Merchants’ Claims Experts
Now is the time to analyze your cash flow for each job and understand how it will be impacted by the pandemic. Maintaining appropriate liquidity is key, especially as the spread of the virus begins to slow and job sites start to re-energize. Questions to consider include:
1. Can you quickly transport resources elsewhere in the event of a project stoppage?
2. Have you discussed financing options with your bank to soften any cash flow problems you may experience as the pandemic continues?
3. What is your plan to retain key personnel?
4. What is your plan for addressing liquidity issues of downstream subs that may impact your project performance?
5. What are you doing to prepare for supply chain disruptions?
6. What are you doing to prepare for potential project suspensions? Think about appropriate solutions for equipment mothballing and material storage.
7. Is your executive team prepared to work remotely?
8. Do you have sufficient procedures in place to document COVID-19 impacts on each project?
9. What is your plan to deal with an outbreak on the jobsite? Think about cleaning and site lockdown/protection.
10. Have you explored the ability to defer rental charges on idle equipment?