A transit strike could hurt many people. Many people could suffer delays, or be left without a way to get to work. Businesses could also suffer without employees and customers. And commercial, retail, and other property and business owners could lose business and sales.
The looming strike is a reminder that although you can’t stop some strikes and disasters outside of your control, you can reduce risks by taking the following steps.
Have a Disaster Plan. You can prevent problems and limit losses by having a disaster plan. Having an adequate plan and ensuring that your team knows what to do can help to reduce risks. For example, having alternate ways to access and manage your property and business can help to limit losses.
Review Your Documents. You can also reduce risks by reviewing your insurance policies, leases, contracts, and other documents. This can help to ensure that your documents are updated, adequately meet your needs, and limit losses from events outside of your control.
Complete Deals and Resolve Disputes Now. Another way to minimize risks and maximize opportunities is to more quickly complete deals and resolve disputes. The looming strike is a reminder that there is a need for speed in business and real estate. If you fail to act quickly, you can lose opportunities, such as historically low interest rates, available financing, and rising property values. Delays can also cost you money and damages, from delayed delivery dates to delayed opening dates. And as time passes, other bad things can happen, from bankruptcies to vacancies. In a previous blog post, I discussed ways to quickly complete your deals and resolve your disputes with the help of experienced counsel.