When tragedy strikes, be sure your company is properly prepared
Business continuity planning is the process of identifying the parts of your company that are most vulnerable in order to create a plan to recover them if a business interruption happens.
Natural disasters, major power outages, hurricanes, and floods are all real threats and can interrupt your business for days, even months, with the potential of your business never being able to reopen. It is estimated that 1 in 4 companies never reopen their doors after a disaster, with 1 in 5 businesses experiencing a business disruption. While you cannot prevent a natural disaster, you can plan to protect employees and mitigate losses to have a much greater chance of recovery.
When creating your plan, be sure to include:
Direction and Control
This area of your business continuity plan will give a summary of some of the fundamental areas. Whilst explaining the reasons for this plan, it should be noted whose responsibility it is to oversee duties, and the incident work flow.
Increase the safety of individuals as well as the property by instilling communication during an emergency. The location of emergency contact information, who notifies employees, and how customers and suppliers would be be informed if something were to happen should be established.
Safety of People
Inform your employees the proper procedures to follow incase of an emergency to ensure everyone’s safety. Safety training, shelter locations, check in sheets, and even family preparation for employees should be established in this section of your plan.
Trying to replace a business’s property can be a big enough financial struggle that it can keep the doors closed for good. Ensure that you protect your investment in an emergency that you cannot control. Create mitigation steps for each threat, for example in case of a fire, you should have a back up records procedure, along with fire protection systems labelled.
Recover and Maintain
If the unexpected were to happen, you should know how to get your organization back up and running again in the most efficient way. It should be noted who will hire new employees, what employees will be kept on, and what the expectations are of your team. To prepare everyone in the company of an emergency, there should be multiple drills, exercises, and audits every year.
Every business continuity plan will be different and should be laid out to fit the specific needs of your company. DG&M Insurance Agency can provide you with resources and insurance to help you plan and protect your business. Contact us today!