The National Apartment Association (NAA) recently joined with more than two dozen industry organizations and private firms representing the restaurant, entertainment, hospitality, gaming, retail, communications, broadcasting and real estate sectors to form the Business Continuity Coalition (the Coalition). The goal of the coalition is to work with policymakers and other stakeholders to develop a plan for protecting jobs and mitigating future economic damage from business interruptions resulting from pandemics and other national emergencies. The members of the BCC represent a combined 50 million jobs across the nation.
As the COVID-19 pandemic required broad-based closures and shutdowns, employees and businesses of all sizes have been significantly impacted. The Coalition advocates for a public/private business continuity insurance program modeled after the Terrorism Risk Insurance Act passed following the 9/11 attacks. Such a program would, in the event of a government-ordered shutdown, enable employers to maintain payroll and supply chains to protect jobs and reduce stress on the financial system. Ultimately, this can speed economic recovery when government-imposed limitations on operations are lifted.