Do you have a plan in place to recover from a disaster? Could you improve your security and disaster response? Would your employees know how to stay safe in an emergency situation?
If your answer to any of these questions is “no”, then this blog could help save your company time and money.
If you don’t currently have a Business Continuity Plan in place then don’t worry, you’re not alone. More than 60% of small businesses do not have a formal emergency response plan. But, if implemented and maintained properly, a business continuity plan could be the difference between successfully recovering your business rather than going out of business.
Statistics show that approximately 25% of businesses affected by disasters never reopen their door. We’re here to help change that with three major areas of advice:
1. Incorporate Business Interruption (BI) Insurance
This insurance offers compensation for lost income if you have to vacate the premises as a result of disaster-related damage. Areas of lost income can include loss of gross profits (compensation will be based on previous financial records), operating expenses such as utilities, (which must be paid even though business has temporarily ceased), and the increased cost of working.
2.Improve Security and Disaster Response
Though not all security threats can be avoided, some situations can be prevented with appropriate preparation. These include advising management and employees to report any suspicious persons, establishing and following visitor control procedures, surveying locks, fences, exterior lights and other physical security devices, paying special attention to areas where you are storing explosive, flammable or toxic chemicals and checking that security or fire alarm systems are working correctly.
3. Find holes in your plan with table-top exercises
Tabletop exercises are a great way to practice your company’s Business Continuity Plan and then evaluate the results for improvement. During this exercise, the team will address a simulated problem and spot any weak points in their plans that need to be addressed.
If you have any worries about your business security or would like to discuss the value of having a Business Continuity Plan, please contact us at The Trust Insurance Group on 01476 434050.