The Hard Road – Protect yourself from going bust

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How To Protect Yourself From Businesses Going Bust

It’s no secret that businesses have been faced with hard times recently. According to the Centre for Retail Research, 38 major retailers were failing between January and November 2020. Big names like Mothercare, Debenhams and Thomas Cook have all found themselves in trouble.

As the economy continues to struggle, we could see more companies going into administration. But, is there a way to protect yourself from being out of pocket when businesses go bust?

Pop it on your Credit Card

The easiest way to protect yourself is to (sensibly and without overstretching yourself) spend on your credit card. Any purchases made between £100 and £30,000 are covered by Section 75 of the Consumer Credit Act 1974.

In the event of anything going wrong, like a company going bust before you’ve received your goods, the credit card company and retailer are liable for any money lost. Whether you bought the product in the UK, somewhere abroad or via an international website, you will still be covered.

Section 75 is still in play if you only paid for part of the purchase on you card. Say you paid the deposit for a fancy new TV on your credit card, but the rest was paid with a bank transfer, you can claim for the entire amount (deposit and balance).

Misrepresentation also falls under Section 75 so if you received goods or services which were not as they were sold to you, you can claim back for that too.

Unfortunately, there are situations in which your money isn’t protected by the credit act. You must have bought the item directly from the supplier. If you bought it through a third party, then you can’t claim. However, it’s a rather complicated agreement so if you’re unsure, it’s worth putting a claim in anyway.

Before you make a claim on Section 75, you must always attempt to get a refund from the retailer first.

Making a claim if a company has gone bust

Making a claim is easy, all you have to do is approach your credit card company for a refund, even if you have closed your credit card account.

I paid by debit card – what about me?

Debit card purchases are not covered under the Consumer Credit Act. If you paid with a debit card, however, you might be able to claim back purchases under £100 via Chargeback.

Chargeback covers you if goods haven’t arrived or were faulty once you received them. You need to make a claim within 120 days and only if you have tried but failed to get your cash back from the company you bought from.

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It’s important to note that chargeback isn’t legal protection and is only offered at a company’s discretion.

And always remember to keep on top of your credit card payments – don’t go accruing interest unnecessarily.

Is your holiday protected?

In recent times, there have been a number of travel companies going out of business, leaving holiday makers out of pocket. The most notable being Thomas Cook, who left hundreds of thousands of holiday makers without a holiday and having to claim.

Thankfully ATOL and ABTA exist to provide cover for travellers.

ATOL protection

ATOL was specifically designed to cover holidaymakers who fly. If you booked your holiday as part of a package through a company who are signed up to ATOL (Air Travel Organisers’ Licensing) you’re covered for any part of your holiday and entitled to a full refund. Fortunately for the unlucky holiday makers, Thomas Cook package holidays were part of the scheme.

ABTA protection

Many travel agents and tour operators are members of ABTA, a travel association who enforce standards and provide insurance for holiday makers, should their travel company go out of business. ABTA protection covers all holidays including travel by rail, road or sea.

Before you book a package holiday, always check whether it is protected by ATOL or the travel company is a member of ABTA. You can find out more information about what to do if your travel company goes bust here.

Are you insured?

It’s pretty sensible to get travel insurance when you book your holiday to cover your personal property, delays and medical situations. Some insurance policies may even protect you in case your travel company goes bust.

Check the small print to see if your policy includes end-supplier failure, this should protect you if any company you have booked through go bust.

Buy from a reputable company

This advice covers almost every purchase you might make, but checking a company’s credentials before making any big financial commitment is just good sense. From estate agents and car sales to builders and plastic surgeons, there are professional bodies for almost every industry you can think of. Whilst not all of them offer financial protection, they can help you spot a reputable company from a less reputable one. Do your homework up front and get as many reassurances as you can that a company is in a solid financial state before handing over your hard-earned cash.

Have an emergency pot

Having a little pot of emergency money set to one side makes good financial sense, whatever your circumstances. This gives you peace of mind when the unexpected happens – be that illness or injury that prevents you from working for a time, a boiler breakdown or indeed a company going bust and taking some of your money with it. Not being able to recover your money from a company that is no longer isn’t ideal, but if you have a buffer, it will help ease some of the disappointment.

If you’d like us to help make sure your finances are as protected as possible, please get in touch with a member of our friendly team who will be happy to help!

How to protect yourself from companies going bust | Section 75

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9 signs your company is going to close – and ways to save yourself

While there’s something to be said for the “nose to the grindstone, ignore the gossips” approach at work, there is one time you want to avoid that strategy: when your company is about to go bust.

Few places, whether they’re large businesses or tiny mom and pops, are eager to share the news that they might be going under. So it’s up to you, the employee, to shake off any denial and watch for the signs you might be working somewhere that’s going out of business. While you don’t want to be paranoid, companies do close, even in a robust economy. With a little advanced warning, you’ll be prepared to deal with the fallout and have better odds of finding new work.

Here are nine signs your company might be closing:

Key managers and executives are finding new opportunities somewhere else.

Of course, you can’t panic every time some executive leaves for greener pastures, but you should watch for several executives bailing at once, according to the list of “6 Emails You Get When Your Company Is About to Go Under” on Assess whether any of them are leaving for jobs way down the ladder from their current positions, which could indicate they didn’t have a choice.

Perks are eliminated for the rank and file.

Beware a formerly friendly and generous workplace that starts having fewer parties and happy hours, cheaper coffee or snacks in the employee kitchen or gets stingy with impromptu company holidays or expense account lunches. These could all be signs that the end is nigh, according to Business Insider’s Rachel Gillett.

The communication flow alters

Some of the signs that point to an eminent round of layoffs can also indicate your company is in its last days. One of them is that communications that used to be passed along verbally or in person now arrive via email or hard copy memo, Jim Link, managing director of human resources for the staffing and recruiting firm Randstad, told Monster Worldwide Inc.

Vendors start making noise about not getting paid

This is a sign to look for at smaller companies, where cash flow can change the situation much more quickly, according to Monster. Keep in touch with purchasing agents and accountants at the company to nose out what’s really going on with cash flow and whether the company is nearing the end.

Good people leave (and not-good people stay)

When you see the real leaders and innovators at a company exiting, it’s a good indicator that the rot has started to set in, according to digital transformation expert Tim Miller on the LinkedIn blog. Miller recommended this exercise for employees trying to evaluate whether their company is on the brink of failing: “Grab a blank piece of paper and write down every rubbish ‘leader’ or manager you can think of. If you are still writing after 3 minutes, then your company has a problem.”

The business completely rebrands or updates its vision statement.

“A great business might update a logo or two, but if you are ever called into all employee-wide sessions where the ‘New’ vision of the company is rammed down your throat, your business is on the rocks,” Miller added.

Doors are now closed for meetings.

When every day seems to bring more highly secretive executive meetings, the company is probably in trouble, Valerie Streif, senior advisor at the job search firm The Mentat, told Time. If the secretive meetings are coupled with vague responses when you ask what’s going on behind closed doors, you should take this signal even more seriously.

Work flow slows to a crawl.

If you’ve noticed no one cares that you’re on Facebook, YouTube or Twitter most of the day, your company may be going bust, Alex Twersky, cofounder and VP at Resume Deli, told Time. Any time there is less work going on, from fewer emails in the inbox to fewer meetings on the calendar, your company could be facing trouble.

The press on your company is all bad.

“No company can win every news cycle,” Dele Lowman Smith, founder and CEO of the Atlanta-based Bold Move Consulting, told Time. “But an onslaught of negative coverage, or even a steady drip, can be a harbinger of bad things to come.”

How do you save yourself on a sinking ship?

Once you’ve accepted that the company is doomed, you should step up your efforts to make sure you don’t go down with the ship, according to Time.

Before you make tracks out of there, the publication recommended taking these steps:

  • Jot down a list of contributions you’ve made at your current job to use as you sell yourself to potential new employers.
  • Research what has changed in your field since you took on your current position. You might need a new certification or job skill to compete in the current job market.
  • Make sure your resume and social network profiles are up to date.
  • Reach out to your network for new opportunities right away.

“The sooner the better,” Donna Lubrano, adjunct faculty at Northeastern University’s College of Professional Studies, told Time. “Companies often don’t announce their troubles in advance – it’s a strategy that prevents mass exodus. Get ahead of the curve.”

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Three travel startups tell us how they’re responding to the coronavirus crisis

‘It’s the biggest nuclear winter I’ve ever seen in online travel’

With the globalized world going into partial or complete lock down over the Covid-19 pandemic, startups in the travel sector are facing a huge stress test and immediate disruption to business as usual as public health concern spirals and entire populations are encouraged or even forced not to travel.

The traditional travel hub of Europe has emerged as a secondary hotspot for the virus, after SARS-CoV-2 first emerged in China late last year.

Italy, France and Spain have all reported thousands of cases apiece, with the latter declaring a state of high alert today. Earlier this week Italy — the hardest hit EU country so far — imposed nationwide travel restrictions, with confirmed cases passing 12,000 as of yesterday. Several other EU countries have also implemented varying quarantine measures. More lockdowns are expected in the coming weeks.

In a further development, US President Trump sent shockwaves through EU institutions earlier this week by unilaterally announcing a 30-day ban on travel from most countries in the bloc.

Today the European Commission came out with its own response — laying out a $37BN package of measures intended to mitigate the socio-economic impact of Covid-19, including bringing forward €1BN out of the EU budget to act as a guarantee to the European Investment Fund to encourage banks to lend to SMEs in affected sectors.

“This is expected to mobilise €8BN of working capital financing and support at least 100,000 small and medium-sized businesses and small mid-cap companies in the EU,” the Commission said, suggesting banks will be in a position to act on the liquidity injection from April 2020.

Of course travel startups with investor capital in the bank aren’t waiting around to react to the coronavirus crisis. They’re already ripping up 2020 roadmaps and thinking again — swapping out marketing plans and doubling down on product and engineering, according to three businesses we spoke to.

We asked three European travel startups how they’re being impacted by the coronavirus crisis and what steps they’re taking to manage a demand crunch combined with ongoing — and potentially long term — uncertainty in the sector.

Berlin-based GetYourGuide, which has built a marketplace selling sightseeing tours and other travel experiences, and last year bagged a $484M Series E round; Omio, another Berlin-based startup that’s built a multi-modal travel aggregator and booking platform, backed by nearly $300M to-date; and Barcelona-based TravelPerk, a fast-growing business travel booking platform that’s pulled in more than $130M in VC funding as it shakes up a legacy space.

‘Demand is dropping off a cliff’

All three told us they’ve seen a major drop in bookings combined with a rise in customer service demand as people with existing travel plans seek to get in touch to cancel or reschedule trips.

As of this week GetYourGuide said bookings for new experiences are down nearly 50% globally vs its demand forecasts for the past two weeks. While customer service enquiries have tripled in the past two weeks, and its global cancellation rate has ticked up by 20%.

Those that are still planning trips are doing so closer to home or with less advanced notice than normal — with bookings made within three days of the start time up 15%.

“It’s the biggest nuclear winter I’ve ever seen in online travel,” co-founder and CEO Johannes Reck told TechCrunch. “Everyone goes and prepares for Easter break and that is not at all happening. All of the European countries seem to be in lockdown.

“None of our Italian customers are booking, the German customers have degraded rapidly. France and Spain have recently followed. The UK has been more stable but seems to follow the same course now. And the US since [Trump announced the travel ban] as well… T he US travel ban is now sealing it. So this will be a year of extreme turbulence of the travel market.”

For Omio it’s a similar story — with bookings over the last two weeks down between 30-40% overall across all markets, according to founder and CEO Naren Shaam, and a big spike in demand for customer service as worried customers look to cancel trips.

“The whole company is actually stepping in to help customer service because we’ve seen a spike in cancellations,” he said. “In general the impact is heavy. Demand is dropping off a cliff but it’s not as bad as we thought — but it is definitely heavy.”

It’s seeing similar changes in booking behavior. “Advanced booking has come down drastically,” he noted. “But we see a spike in short term last minute trips when people feel comfortable on the region — so that’s gone up a lot.”

TravelPerk told us it’s currently dealing with a drop in business globally of around 50%. Though co-founder and CEO Avi Meir is braced for further drops if more of the West goes into lockdown forcing more companies to scrap business trips.

“You would expect that it dropped to zero but right now people are still travelling,” he told us. “ Everybody who can avoid traveling right now probably should and does but you have many people who just critically have to keep travelling — so we see around 50% drop right now.”

“ Regionally of course as expected APACS has been the most affected in terms of our volumes — Japan, South Korea, Hong Kong and China down north of 95%. 100% depending on which day you’re looking and what country you’re looking at,” he added. “ China is actually starting to open up a little bit b ut at the peak we looked at 100% — nothing was being booked in terms of destination.

“In terms of the more core markets for us, Italy is 84% down right now… You also see significant impact in Belgium, Netherlands, Holland, Sweden.

“France, Spain and UK are down year-on-year but not significantly yet. In the Western part of the continent and the UK people are still traveling relatively more than other countries.”

Demand for TravelPerk’s customer support has also never been so busy, he also said.

“We actually are switching some of our sales team to customer support in the coming weeks just to support the volume of tickets,” he noted. “We’re very proud that our metrics are not declining — meaning specifically service level; how fast we solve cases; our ‘C-sats’, customer satisfaction. The metrics we really care about. Are people happy and are we solving their cases fast?

“We’re keeping them although, so far, the past weeks have been the busiest in customer support since we started the company via number of tickets.”

TravelPerk has also seen radical changes to the usual booking window. “Most of the trips we see right now is somebody booking for tomorrow or for two days from now because they for know they can travel or have certainty they can travel,” said Meir. “Which is unusual compared to normal times. In normal times people book 20-21 days ahead on average. So you have a huge decrease in the booking window.”

While of its flagship products is actually seeing high demand in the current crisis situation, per Meir — given it’s designed to offer resilience against unforeseen changes to plans.

“We have this product, FlexiPerk, which allows the users to cancel or change for any reason and if they do they get at least 90% of the money back. FlexiPerk has been really, really on fire over the past few weeks — both in terms of users, those who are already on FlexiPerk and also new sign-ups which is actually driving a lot of our growth in terms of signs ups.

“It gives people the certainty — or it reduces the uncertainty — about the mid- term or long term future. So if you are planning a trip in September or in October it’s reasonable to expect to be able to travel but you don’t really know. And FlexiPerk really plugs this gap because it allows you to book now for September knowing that if you have to change your plans you can do so without losing the money.”

“Right now most of the airlines have changed their cancelation policies so we are able to get full refunds in many cases,” he added.

All three European businesses said the changes in demand had hit extremely rapidly.

“Up until maybe 2-3 weeks ago we were still growing,” Meir told us. “ Because most of our travellers — or at least the headquarters of the travellers — are concentrated in Europe and North America so the impact was kind of delayed.”

“Since we’re more a global business we already started noticing Chinese outbound dropping — because we have an office in China — it hit us already around January, February. So we already saw that in our Chinese outbound dropping by 90+%,” added Omio’s Shaam.

GetYourGuide’s Reck said it was also forewarned of the looming crunch via their Asian business.

“W e had already seen a significant decline in our Asian business,” he told us. “That was still so small and the overall growth in Europe and the US was so strong that it was negligible at that point in time — but it gave us a glimpse.”

Two of its investors, Japan-based Softbank and Singapore-based Temasek, also put GetYourGuide on early “red alert” over the novel coronavirus because other portfolio companies were suffering heavy impacts.

“We had two weeks to prepare which I guess put us ahead of the curve for most other US and European companies,” said Reck. “Then when corona hit, at the end of February, we’ve seen a very rapid decline and now the current global travel demand is roughly 60% down from where it should be at this point in time so we are massively depressed.”

The change is more marked for being set against “ a tremendous start to the year” before the virus hit Europe — Reck dubs it “the best time in history of the company” — with January and February seeing it close to doubling business.

Rerouting resources in a travel crunch

So how are the three founders coping with a sudden revenue crunch combined with spiralling global uncertainty falling over their sector?

All three described being relatively well cushioned — on account of recent financing.

“W e are in an incredible position because we’ve raised this massive round last year and we haven’t spent a lot of it,” said GetYourGuide’s Reck. “We’ve been very frugal with it. In the early months after the fund raise SoftBank was very angry with us that we were so disciplined and we weren’t investing more in growth. Now they’re, I think, very, very happy — the new role model for the portfolio.

“The good news is that as we come from a position of strength and we will survive and prevail for sure. That’s the positive news.”

With plenty of capital still in the bank the team has been able to quickly redirect resources on servicing near-term customer needs during the travel crunch.

“The way we’re seeing this internally is with every major crisis comes major opportunity. At this point in time we believe there’s incredible opportunity to make a real different for our customers, our suppliers and our ecosystem broadly,” Reck added. “ For instance, for customers we have pushed immediately after we saw the news coming full flexibility on bookings and cancelations.

“Customers can now cancel all of the experiences 24 hours in advance, no questions asked, for a refund. If you go under 24 hours you actually get a gift coupon so you can rebook of the full value in the future. And if you’re affected by a lockdown you will get the full amount back no questions asked.”

“We’ve been doing mass cancellations for Italy. We’re just doing it for France. We’re doing it for the US because of the travel ban now. We refund our customers fully, no questions asked,” he added.

Reck also said it’s doing what it can to support suppliers who will also clearly be struggling from the same demand crunch.

“Wherever there’s an opening where we see demand popping up again we make sure it gets as quickly as possible to our suppliers,” he told us, saying its doubling down on its GetYourGuide Originals in-house short tours product. “We want to be a good partner. We don’t go in now and start to negotiate on commission rates or anything like that.”

Another area it’s spending on right now is localization — in order that it can support suppliers by being able to cater to demand cropping up off the beaten track.

“We’re translating our offering into more languages,” he noted. “We’re making sure the offering itself has better terms for the customers in terms of cancelation policies and we’re educating the suppliers around that — and that will ultimately drive their bookings. So we are doing quite a bit in order to make sure that they survive and that they get the revenue through our platform that they deserve.”

Zooming out, Reck told us he’s taking “ a really long term view” on travel.

“The travel landscape through this crisis will inevitably change,” he predicted. “When the corona crisis is over online travel will look very different and just survival is going to be an incredible competitive advantage vs the rest. We believe that a lot of players will go bust. And we see that already as we speak so over the next couple of days you’ll see major layoffs, you’ll see restructurings, you’ll see people scramble.”

“That’s what we always said when we raised the SoftBank round. Ironically I never knew that long term view would actually mean that we freeze down for a year… but if you look at online travel over the course of history and you look at the big dips — like 9/11 was a massive dip and the following recession; the financial crisis was a massive dip — you see overall travel is a long term trend. And I think if you look at a ten year timespan even this corona crisis will just be a small dip in a growth curve.

“So I’m very long on travel over a longer period of time. And that’s where we’re doubling down. So we’re rather taking the opportunity now to really focus on product and engineering — and that’s something really liberating to me. Of not really having a 2020 budget anymore.

“The conversion gains on the margin won’t matter. So we can really double down on significantly improving the product for our customer and that means giving a better search and discovery experience, more personalized, curating more GetYourGuide Originals with our suppliers… So that when we come out of this crisis we come out with a better technology product and a much better supply base.”

“I think, as I said, just surviving will be a competitive advantage. Surviving with a better product and better supply will be magic — and that’s really what we’re betting on.”

Omio, meanwhile, is also in a position to look beyond the current crisis in demand.

“We are lucky to be well funded and have raised a lot of capital,” said Shaam. “We’re lucky to have very long term investors when you think of Kinnevik and Temasek — both of them…. almost like a mutual fund so basicall y long term capital.”

Nonetheless, the business has responded to plunging demand by trimming variable costs — while also viewing the demand crunch as an opportunity to rechannel investment into the core product.

“We’re cutting all variable costs, managing the costs better, taking precautions — using the crisis as an opportunity… fixing all the systems we could never invest in in scale because every month there’s a metric to meet. And really then rearchitecting for scalability,” he told us.

“Because the main thing is if you think of travel, human inherent desire to travel is never going to go down. Right now what we’re doing is bottling that in for 3-4 months but you’ve got to open the lid at some point — I hope — and when that comes out the demand will grow even faster. And we want to be ready for that. So we’re using this, call it, crisis as an opportunity to really build scalability. All the underlying architecture, campaign structures, whatever data flows were not perfect before, product messaging etc.

“The cash position of course is something we have an eye on, as stewards of capital, but it’s more so that we’re also using this as an opportunity to really think long term and how we actually benefit.”

Duty of care

As a crisis response, Shaam said Omio has put together three internal task forces to respond to immediate challenges — one focused on supporting its customers; another on its own employees; and a third concentrating on business stability and figuring out where to invest and where to pull back during unusual times.

On the customer support side Omio’s suppliers define cancellation policies so there’s only so much it can do but Shaam said it’s been putting out messaging to help users — creating a spreadsheet of cancellation policies listing companies that give refunds and those that don’t, and publishing updates on things like cancelled flights.

On the employee support side there’s a mix of well-being and practical issues being tackled.

“ How can we protect safety regulations? Trigger points. We have clear guidelines… today we triggered that we work from home for 15 days,” he said. “How to protect mental health so nobody goes crazy sitting at home all day? Connectivity, all of that stuff. What if you have school shut down — how do you balance children at home alone with working at the same time? All of this stuff.

“There’s a lot of practical questions that come up — like the design team need to take their chunky monitors home so they can actually design. All of these things are being tackled by that task force.”

“As a startup you can actually bring these together very quickly,” Shaam added. “Today we had a small team — that team is now quite large, 10+ people going at all three workstreams. So let’s see how we survive.

“Again, there’s a lot of uncertainty but I feel that the best thing I can do is bring stability, bring confidence into the organization.”

TravelPerk’s Meir said the business is also most focused on responding to immediate challenges and needs — including keeping up with the demand it’s seeing.

Even though bookings are down new sign ups are up, he told us.

“ The focus right now as an organization is really on the day by day — we need to make sure we keep providing the service,” he said. “We keep actually selling and a lot of companies are signing up. Sign ups are actually dramatically up. People are signing up they’re just obviously not travelling so we have a lot of short term priorities that are extremely important.

“Maybe if we hadn’t raised a C round last year — $100+ million — we would be in a different situation but right now we are fortunate to be in this position so we have to focus on short term priorities without knowing where it’s going to end.”

The company is also using a moment of plunging sales to direct attention on product. And is hiring more engineers to be able to accelerate product dev — including to build crisis response features.

“I’m sure we’re not unique in the tech world but we’re actually investing more in the product. So we keep hiring — we actually increased our hiring plan for product and engineering. And so far we’re not reducing our burn let’s say but we’re shifting that towards really what matters for our customers.

“We’re already ahead of the curve in product but this is a really good opportunity to keep pushing on our strengths and another one we’re doing is adjusting the business and the business model as well.”

Meir gave the example of a premium concierge service which it’s just decided to provide for free for all its users for the next three months. “Although it’s going to increase dramatically our costs in customer care it’s the right thing to do for our customers,” he said of that particular coronavirus triggered business adjustment.

“You’ll see some really cool stuff coming out,” he added. “The product team, together with the commercial team is changing roadmaps. In a way we threw the roadmap of 2020 to the bin and we started working on a weekly basis.”

Another example he gave is a new feature it’s launched in partnership with medical and travel security company, International SoS, to help companies not only track where in the world their employees are but ensure they have the medical or other crisis expertise support available should the worst happen off-site.

“It’s the best company in the world for duty of care,” said Meir. “It’s one of those topics that in normal times people don’t really like to think about it — but this is probably the highest request we were getting in the past 2-3 weeks from customers.”

“We went from idea to releasing it in less than 5 days of work,” he added. “So again reducing the risk, reducing the uncertainty piece. This is a thing that we’re going to do more and more as this situation evolves. If we have a request for a feature like ‘duty of care’ — which makes tonnes of sense right now — we’re going to shift the roadmap and do more of these kind of things.”

“This is a moment to be decisive and adaptable but also courageous and to invest in what makes TravelPerk stronger this year, next year and ten years,” he added. “This doesn’t change — we have great investors. We have a good cash position, great team. So we should keep hiring, we should keep investing in the product, we should keep investing in our service — so my biggest worry is that we [don’t] act out of panic or out of confusion — and that’s something we should be aware of and not do. But I’m happy to say that that’s not the case.”

As part of its own pro-active crisis response, TravelPerk has this week switched to 100% remote working — a radical change for Meir, who has deliberately required presence from his staff up to now for workplace culture reasons.

“We don’t do remote work. It’s something that’s one of these trendy things that we decided not to do yet for various reasons. We just think our culture is much stronger when people are physically in the same space and we switched from nobody does remote work to 100% remote,” he told us.

“We thought that the government — especially in Spain where most of our team is — is not reacting fast enough and aggressively enough [to Covid-19]. This is really unfair for the elderly and those who have previous health conditions… So we decided to take action… And I was just amazed how fast we transitioned from a company that doesn’t do remote to full on remote.”

GetYourGuide has also gone fully remote. “We did that on Monday,” said Reck. “Everyone called me crazy and now on Friday everyone wants to have our best practices playbook.”

“The health and safety of our employees and most importantly of the community around us [is our biggest concern],” he added. “ We are in constant contact with everyone — to make sure people feel safe.

“They are now at home, they follow the news all the time. T here’s huge psychological pressure — the travel market’s going down, the stock market’s going down — so for me by biggest role is to keep that strong engagement and morale and that people don’t feel threatened by the situation around them.”

As it happens, Reck is a biochemist by education — so likely one of relatively few founders in the travel space with hands-on lab experience of viruses. He’s also braced for the longest ‘nuclear winter’ of business disruption of the three startups we spoke to.

“What we know about this virus is there is no immunity in the population — meaning that this will continue to spread,” he said. “Every potential person is a host. And it’s very infectious and it seems to stick around quite a bit. And it puts a lot of stress on public health systems. So I personally anticipate there will be a very long lockdown in a lot of countries. And there will be only a very slow recovery. If you’d ask me we might see some reopening of the travel landscape in summer but I think that will be far diminished from a typical season. We’ll only see a full recovery towards May, June, July 2021. I don’t think it will be earlier than that.”

“It will get worse,” he added. “We know now it’s very likely there will be a lockdown [across the West]. My biggest wish for the next couple of weeks will be that employees continue to be healthy, safe and continue to be able to work and contribute like they’ve done.”

Omio’s Shaam is expecting at least several months of disruption to business as usual — pointing to the lack of a swift and coordinated response from governments to implement quarantine measures.

“We need a system-wide [response] like China or Singapore has done beautifully to really prevent it and I don’t believe that’s going to happen so we’re bracing for 3-4 months impact,” he told us.

“I just went out last night in Berlin with my wife for dinner and the restaurants are full, it’s crowded, the subways are full — full! Like not even 20% lower. Completely full. We had to make a reservation to get a table etc. So unless governments, in a very coordinated way, shut down borders for a period of 4-6 weeks so everybody goes into isolation in one go and everybody comes out — it’s going to drip feed for a long time because people are acting in different points of time on their own means.”

On the question of whether there will be a lasting impact on the travel market as the pandemic undoes global supply chains and routines, Shaam said again that’s likely to depend on how co-ordinated or otherwise the response is.

“There’s a lot of fixed costs part of travel. So I think the answer to that largely depends on how co-ordinated and how quickly we can contain. If we all actually manage to come back in 3-4 months I think we’re in a good place because it’ll bounce back quite strongly. If it’s drip feeding, and it takes the wind out for a very long time, then there will be a different situation but I hope not.”

In the meanwhile, with so many businesses getting au fait with virtual meetings and videoconferencing tools, the coronavirus crisis could also have a long term impact on demand for business travel — if lots of companies realize quite how much can be done remotely.

On this element of the crisis, TravelPerk’s Meir isn’t concerned.

“It’s an interesting theory,” he said, deferring from hazarding a guess on whether it will come to pass or not. “It doesn’t really matter for us as a company. Because companies spend $1.6TR a year on business travel. And it’s a market that is growing. Before this crisis predicted growth of 6 or 7% in 2020 — which is huge compared to the size of the market. So even if we’re talking about 10-20%, let’s say, at the edges this doesn’t change the picture. You still will have a tonne of business travel when we come back out of it.”

“If we zoom out a bit from this situation — there is a trend for more sustainable approach to travel,” Meir added. “So if so many things can turn into a Zoom call I don’t think it’s a bad idea for the planet. And we will do well. We’re not worried about a scenario like this.”

Here TravelPerk isn’t worried because the startup has another product for that: GreenPerk — a carbon offset offering it launched earlier this month. It’s been developed in partnership with non-profit Atmosfair, which works on decarbonization via UN-endorsed carbon mitigation projects.

“Many companies asked us to help them offset and reduce the impact that their travel generates and we thought that just reporting on what harm you do is not good enough. We wanted actually to make a difference,” said Meir. “ One of the projects that we chose is efficient cooking stoves in Rwanda.”

GreenPerk uses an algorithm to calculate the carbon footprint of a given trip and then applies a per booking fee proportional to the pollution created — with the fee going to fund the carbon offset project.

GreenPerk is an opt in product — and Meir says it’s already had “amazing traction”, with more than 50 companies already signed up and using it.

“It’s unfair for us — people who live in very comfortable counties — to ask people in Rwanda to stop cooking their food but if we can help them transition to efficient and also faster ways of cooking then we should definitely do that… so the project funds efficient cooking stoves to replace the polluting ones.”

“If the world after this crisis looks like we are conscious about how we travel — when we do travel we try not to have an impact — and if, sometimes, making Zoom calls are better than face to face I think it’s not a bad scenario for the world. And we as a travel company will adapt like we always have,” he added. “It’s more interesting to look at the long term implication — rather than ‘is it good for our quarter or not’.”

What to Do After Being Run Off the Road by Another Driver

There are few things more frustrating than being run off the road by another driver, especially if it is a hit and run – you did everything right and still can plan on being massively inconvenienced. Not only that, but there’s a chance that whoever did this to you will get away with it, and it can sometimes be difficult to track them down.

Car insurance claims can easily get complicated after a car accident. If you are run off of the road by another driver, it can be an extremely dangerous situation often ending with a serious injury. Hitting an inanimate object other than another car is considered a single car accident and falls under collision coverage. Prepare to pay the deductible listed on collision coverage.

Unfortunately, being run off the road by another driver is not as uncommon as you might think. A lot of these types of accidents are due to distracted driving, which includes “common” habits like eating, drinking, talking to others or even fiddling with the radio when behind the wheel.

Figuring out how your insurance claim will be handled after you are run off of the road can be a sticky situation. Often, results can differ on a case by case basis because so many different variables can affect the claim.

Call The Police and Report It

It is important to take steps to protect yourself legally and financially as soon as possible. As soon as you are in a safe place, call 911 to report the accident. It is very helpful if you can remember the color, make, and model of the vehicle, any identifying features of the driver, and in a perfect world, all or part of the license plate number. If you cause damage to someone else’s property, you could be held liable, and it’s important to have a record that you are not at-fault legally. In a perfect scenario, the law enforcement officers would also be able to track down the other driver and give them a hefty ticket for a hit-and-run accident. Of course, it’s important to take photos of the damage done to your car and anything you hit as soon as possible, both for the police and insurance purposes.

Who Ran You Off the Road?

Knowing who ran you off the road is a start. But not only does it help to know who did it, but they need to admit fault. There are certainly cases where the at-fault driver does not even realize he or she caused you to run off the road. Maybe they never saw you when they cut you off and kept right on going.

These types of accidents can be excruciatingly frustrating because it is not your fault, yet there is nobody to place the fault on.

Asses the Damage to Your Vehicle?

Running your vehicle off of the road can certainly cause a lot of damage. Hitting a guardrail or other object obviously will cause physical damage. The undercarriage of your vehicle is also very susceptible to damage when leaving the road. In a situation where you are run off the road without making contact with another vehicle, the claims process gets dicey. You could say you are better off letting the vehicle hit you when it comes to car insurance claim purposes. Swerving poses a lot of risks because many times you do not know what you are swerving into or your vehicle could potentially roll depending on your speed and location.

More than likely, even if you know who ran you off the road and they admit fault, your car insurance policy is the one that would cover the damages. This means that your deductible would apply and you only have coverage if you currently have collision coverage listed on your vehicle. Like mentioned earlier, situations can vary per state and insurance carrier, but without contact with the at-fault vehicle, it is going to be difficult to go after them for physical damage repairs.

Did You Get Injured?

Injuries which occur when running off the road could be a different story. The at-fault driver could be held liable, but it again depends on your particular situation. Admitting guilt would be a major contributing factor in whether or not you can pursue a claim against the at-fault driver. An eyewitness could also be helpful in this situation. If you do not get the driver’s information, some states allow an uninsured motorist claim to be filed under your own policy and list the at-fault driver as a phantom driver. You would have to of purchased uninsured motorist before the time of the accident. These types of claims can often involve a lawyer and be a lengthy process. Start by asking your claims adjuster or insurance agent, and then proceed with a lawyer consultation if you feel things are not being handled fairly.

Is There an Eyewitness?

An eyewitness could be crucial in an accident when you are run off the road. An eyewitness will cut down on the “he said-she said” circumstances if there is a disagreement. An eyewitness could also potentially get the license plate number of someone leaving the scene. If you are run off the road by another vehicle, be sure to look for a witness to verify your story. Get their contact information and ask for their cooperation with a police report and future insurance claim.

Who Will the Insurance Company Deem At-fault?

Most of the time if two vehicles do not make contact, then the accident is considered a single car accident. Single car accidents are almost always considered at-fault with the exception of animals and flying objects. Some insurance carriers could be lenient with you if you have someone admitting guilt or an eyewitness. Rules are rules, and in some states even if guilt is admitted by the other party, without actual contact with another vehicle, you will be charged with an at-fault claim if you file physical damage or medical claim.

Being run off the road is very scary. It can also be one of the most frustrating types of claims because you feel helpless since it was not your fault. Again this is when insurance agents normally say “Do not swerve.” It can wind up worse in the long run verse actually coming in contact with the other vehicle.

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