Do you have a business continuity plan?

12 Apr Do you have a business continuity plan?

Think of your business as a train. If the track on which your business train rides is broken at any point, and your train cannot get from one point to the next, you could lose valuable time and money jut fixing the problem. Not only can you lose money paying for parts and labor to fix the track, but the product sitting in the stalled train has no opportunity to make your business any money either. Having a business continuity plan in place can make those seemingly large business catastrophes much more tolerable and easily remedied without too much of a blip in your business day.

There are a few key components to a good business continuity plan.

1. Identifying problems that could occur. Using the same train reference as above, you should think of all that could go wrong during the course of business. Tracks can break, animals could block the train’s way, the engine could cease. Look into your business’s structure and think of all the problems that would cause you to lose time and money. Identify them and keep records.
2. Coming up with more than one plan of attack. As an insurance agency, we always recommend having business interruption coverage added to your business insurance policy. But that should not be your only safety net. Have a savings account ready in case you need to pay for repairs, etc. Have phone numbers in place of reputable allies who can help get you back on track as soon as possible.
3. Training employees in the plan. Once you have your plan in place, let it be known to everyone in your employ. You don’t want anyone struggling or losing more time than necessary simply because they are not aware of what should be done in certain situations.

Call us to discuss how insurance can help in the event of business interruption for any reason. We would love to offer you a quote on business insurance or other coverage that could help in your business’s time of need.