As described in a previous post, business interruption can be extremely costly. Without preparation, it may be something you never recover from. Here are seven actions you can take to make sure any interruption to your business is minimised if the worst happens.
1. Undertake a thorough risk assessment
Make a list of all the potential dangers to your business and then take steps to minimise them. Alan Boswell Group offers a comprehensive risk management service if you need help with this.
2. Have a written business continuity plan
You need to have a detailed, written plan in place explaining how your business will cope with various disruptive scenarios. A key part of any such strategy will be comprehensive insurance, covering buildings, property, employees and liability.
3. Create a disaster recovery plan
This is an emergency protocol that goes above and beyond standard business continuity for events that could wipe out your business. No matter how unlikely it seems, you need to be prepared ahead of time, with all members of staff aware of what to do if disaster strikes.
4. Protect your digital technology
Ensure your insurance covers cyber risks and backup all valuable data in at least one other location. Up-to-date firewalls and virus protection are essential if you want to keep your data and assets secure. Password protect your systems too, providing access on a strict need-to-know basis.
5. Safeguard against fire and flood
Make sure you have working fire and smoke alarms, extinguishers, fire doors and so forth. Have sandbags ready if flooding is likely too.
6. Make sure everyone is properly trained
Not only should your staff know how to act in case of any incident, but you should make sure that key personnel have an ‘understudy’ who can take over their job at a moment’s notice if needed. The last thing you want is to be without the one person who has the skills and knowledge to keep your business running.
7. Have business interruption insurance
If unexpected events cause a shutdown of your business for a temporary period, you need to be able to deal with the loss of revenue during that time, as well as the repairs, renovations and other actions required to get your firm up and running again. Business interruption insurance can provide that for you, giving your company an essential lifeline while you get it back on its feet again.
If you want to reduce your risk of business interruption, get in touch today – our Risk Management team will be happy to help.