Would you be able to continue running your business if something bad happened?

***EDIT*** We originally posted this article on our Instagram feed on 11th July 2019. Unfortunately the COVID-19 situation seems to be one of those things that can’t be planned for, however prepared you are! ***************

Business continuity planning is crucial in planning for the risk management of adverse events.

Getting your business building and contents insured for losses such as fire, theft & vandalism, flood and other natural distasters is a wise move, especially if you have a business in an area likely to be affected. An extra premium is certainly worth it if the worst happens.

But how would your business continue to function whilst insurance claims are made and dealt with, and the clean up operations begin? How would you pay the bills and fulfil orders? How would you retain customers?

Many businesses would struggle to keep trading whilst dealing with the consequential financial losses from a severe adverse event and unfortunately this can easily lead to the failure of a business.

Business interruption insurance can help. Being one of the most overlooked and misunderstood areas of insurance, this can be a lifeline in a time of dire need, covering your financial losses while waiting for things to be put right. This could be the decisive factor on whether you survive or not.

Analyse and know your risks. Are you close to a river or at risk of surface water flooding? Consider investing in sandbags. Have you assessed and are you managing your fire risks? Do you have adequate security and alarms?
Taking actions now to minimise potential risk areas can save a lot of time, stress and money.

Do you hold a lot of stock? How would you manage if some, or all, was damaged, stolen or even destroyed? What about equipment? Have you planned to be able to still train people with minimal equipment still available?

These are all scenarios that are crucial for a business to consider as they are entirely realistic and can have severe consequences.

Do you have a Business Continuity Plan in place? Having procedures in place that were written in a good frame of mind will be infinitely more useful than having to deal with such a supremely stressful situation “on the fly” in real time.

#badthingshappen #planfortheworst #hopeforthebest #beprepared #riskmanagement #proactivenotreactive