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You read about it every day. A business is wiped out by earthquake or flood... a company loses key employees due to a shooting spree by a former employee... or a corporate data center is destroyed by fire and brings down a national network. As a business owner, you probably sympathize but then realize that business insurance or government agencies like FEMA will be there to help.
While business insurance benefits and government support offer financial assistance, will affected companies be able to continue doing business in the wake of such disaster?
Would your business survive a significant disaster? It should – if you have an up-to-date Business Continuity Plan that includes a tested disaster recovery plan, provided all key people in your organization know how to use it.
What’s that? You have such a plan? On the shelf since 2001, you say? In that case, you might only consider yourself safe if supply vendors, computers, employees and business processes are all exactly as they were back then. (Of course, that would likely mean that you have other business issues.) You might ask yourself the following questions:
When was your business continuity plan (BCP) last updated? In fact, have you designated someone to maintain it?
Don’t have a business continuity plan or a disaster recovery plan? Wondering where to start and how to create one? If you are a large corporate organization, this is a good time to seek out a reputable consultant who knows your industry. If you are a smaller business, the following guidelines might be all you need.
List your key employees and their alternates, and be sure to add their critical functions and all possible contact information for each. It might be worthwhile to determine who among them is able to telecommute if necessary.
Your business insurance portfolio and your business continuity plan complement each other. How can you know how much and exactly which insurance coverage you need if you have not analyzed your processes and resources to develop your business continuity plan? How can you complete your BCP without considering your business insurance coverages? Together they provide your business with a strong safety net.
Is it time to evaluate your business insurance portfolio? Here at the Ewing Hines & Associates Insurance Agency in Wheaton, MD, we welcome the chance to review your policies with you, answer your insurance questions, and offer advice to make your business as prepared as possible to handle any disaster. So why not contact us today?