9 Questions to Test Your Business Savvy in the COVID-19 Era

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9 Questions to Test Your Business Savvy in the COVID-19 Era

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In recent months, you’ve probably heard the refrain “these are unprecedented times.” But how do you adapt to “business not as usual”? Take the following quiz to see where your business smarts stand in light of the pandemic. Then find the answers and more via two of COLE Publishing’s Virtual Training webinars, “How to Adapt Your Business in the Wake of COVID-19” and “How Will COVID-19 Affect Your Insurance?”

1. How can businesses save money on rising insurance premiums?

A. Install dashcams in company vehicles.

B. Monitor employee health to prevent workforce exposure to COVID-19.

C. Enact and document regular safety meetings, plans and an accident-review committee.

D. All of the above.

2. What changes have service professionals observed in customer behavior since the start of the COVID-19 pandemic?

A. Hesitance to allow people into their homes

B. Concerns over cost of services

C. Mistrust

D. All of the above

3. What’s the best way to allay customer concerns during the pandemic?

A. Educate customers about your company’s safety procedures.

B. Have techs distance themselves from at-risk individuals while on service calls.

C. Remember that service calls are a need not a want for customers and act accordingly.

D. All of the above.

4. Nationally, loss-of-business-income coverage due to COVID-19 could cost insurers __________.

A. $800 billion in 2020

B. $400 billion in 2020

C. $800 billion per month

D. $400 billion per month

5. How can service businesses put their best foot forward during the pandemic?

A. Offer virtual diagnostic calls when applicable.

B. Offer discounts on services during stay-at-home orders and/or special financing, such as payment plans.

C. Give back via community service. 

D. All of the above.

6. Will business insurance cover loss-of-business income from the pandemic?

A. Some states, such as California, are now requiring it.

B. The issue is winding its way through the courts.

C. Most business insurance policies feature a virus exclusion.

D. All of the above.

7. How does messaging need to adapt during the pandemic?

A. Stop pushing products, because added expenses — even with a discount — turn customers off.

B. Emphasize essentials and service vitality.

C. Lead with empathy and encourage education.

D. All of the above.

8. Why is the pandemic a good time to gain market share?

A. Big brands have frozen their spending.

B. Prices per ad on social media are strikingly low.

C. Local competitors have pulled back from advertising.

D. All of the above.

9. What percentage of price increase requires notification from your insurer?

A. 10%

B. Greater than or equal to 15% 

C. 20%

D. Greater than or equal to 25% 

Scroll down to view the answers.

Answer key: D for all questions. For a complete explanation of these answers, watch “How to Adapt Your Business in the Wake of COVID-19” and “How Will COVID-19 Affect Your Insurance?”

For more information about Virtual Training, visit www.digdifferent.com/training.  To submit presentation proposals, email Brad Bisnette at brad.bisnette@colepublishing.com.



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