Today's labor shortage is impacting the claims process in multiple ways and no industry appears to be immune. (Credit: Mariusz Bugno/Shutterstock.com) COVID-19 Business Interruption Claims May Force Change to How Losses are Calculated
The impacts of COVID-19 continue to affect businesses, and claims professionals may need to change how they calculate losses as a result.
February 15, 2022 at 03:10 PM
9 minute read
Insurance
The original version of this story was published on Law.com
Where have all the workers gone? According to the Bureau of Labor Statistics, the unemployment rate in October was just 1.1 % higher than it was before the pandemic, at 4.6%. Still, the supply of workers remains shockingly low. The Conference Board calls today's labor shortage unprecedented and says, "If left unchecked it could easily develop into one of the worst labor shortages of the last 50 years."
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