When you own and run your own business, the survival of your company depends on fending off a whole host of risk factors, ranging from data loss and power failure to a major natural disaster such as an earthquake, flood, hurricane, or tornado.
For a small business especially, even a minor event could threaten your business, and a business continuity plan can help mitigate that risk.
What is a business continuity plan?
A business continuity plan takes into consideration any potential risks to a company’s operations, such as cyber-attacks, natural disasters, and everything in between. It creates a system to continue operations and prevent loss of revenue or higher-than-normal costs.
A Travelers study found that 48 percent of small business owners do not have a business continuity plan.
Is your business prepared? Read on for three key reasons why your small business needs a business continuity plan.
Disaster training and preparedness minimize your risk
In recent years, we’ve faced the most expensive natural disasters in history, resulting in billions of dollars in losses.
With a business continuity plan, your company can outline a well-documented plan for disasters. This could include training employees on how to respond safely to a variety of emergencies. This way, you can equip your staff for an organized and timely recovery to any situation and be able to return to operations.
Insurance isn’t enough to cover your business losses
While insurance is a must-have for every small business, commercial property insurance simply isn’t enough to protect you when a disaster happens. You may still have a gap in your coverage.
Insurance alone will not recover your losses following a disaster, which can include losing customers or any setbacks in releasing a product. Speak with a knowledgeable insurance agent to learn what’s covered, what’s not covered, and how to protect your business.
A business continuity plan protects you in case of a disaster
Because you will still have fixed costs every day, whether your business is open or not after a disaster, you need a plan in place for a quick return to operations.
Returning to business as usual after any catastrophic event starts with careful planning now. When you take the time to define a business continuity plan, you can mitigate your company’s risk and keep your employees safe.
To ensure your company’s continued success, you’ll need adequate insurance coverage and strategic planning.
Our insurance specialists at Swarts, Manning & Associates can ready your small business to survive any potential disaster. We will work with you and go over all your coverage options to find what suits your needs.
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