Take These Steps to Minimize Business Interruptions

Aug 29, 2019


Take These Steps to Minimize Business Interruptions

Create a business emergency response plan.

According to the Federal Emergency Management Agency, 40% of businesses never reopen after a major disaster or emergency event.  As a business owner, this statistic is terrifying to consider.  Fortunately, you can ensure that you do not become part of this 40%.  By creating a business emergency response plan, you can ensure that your business survives a sudden interruption.  Here' what you should do to create your plan. What is an Emergency Response Plan? An emergency response plan is a plan that you will follow if your business is impacted by a natural disaster or another emergency event that interrupts business operations.  This plan should include how you will handle business operations and communications before, during, and after an emergency.  Creating an effective plan requires several steps.  The most important include the following:
  • Completing a BIA
A BIA, or business impact analysis, helps you predict the impact that a natural disaster could have on your business.  It accounts for lost income, repair expenses, and delayed business plans.  Completing a BIA helps you recognize any problems with your current emergency preparedness plan.  For instance, it can point out any weaknesses with your customer communication, inventory management, or recordkeeping safeguards.  Completing a BIA for your business will help you tighten up your disaster preparedness plan or help you create one if you don't already have a plan in place.  Click here to learn more about BIA and how you can conduct one for your business.
  • Establishing a Crisis Communications Plan
A crisis communications plan details how your business will communicate with employees and customers after a natural disaster or another interruption event.  Your plan should designate a company spokesperson who will offer reassurance and help protect your business's reputation with its customers.
  • Organizing a Data Protection Plan
During an emergency, your business should have a plan for keeping its financial information safe.  Having an internal and external back up of your business's files can help protect customer records and other sensitive company information during and after an emergency event.  Make sure that employees constantly back up customer information and safeguard their login credentials.  Additionally, you might want to consider getter cyber insurance protection to protect your business from financial or legal issues stemming from compromised cyber security. These are some of the steps that you should take when creating your business emergency response plan.  Another way to help your business survive whatever comes its way is by securing the right commercial coverage.  For assistance with all your business insurance needs, contact the experts at John E. Peakes Insurance Agency today.