Floods, cyber-attacks, natural disasters, or health emergencies can happen to your business at any given moment. There’s no way to predict if or when these things will happen. That is why having a business continuity plan can help you have the proper preparation should a situation arise. Without having a plan in place, your business can be at risk.
A business continuity plan helps you to have a system of prevention and recovery from potential threats and will ensure that your business can get back up and running as soon as possible. Without a plan, your business could suffer from a poor reputation, a decrease in stability, or could even face closure. Of course, your business can also suffer from financial loss, so it’s important that you have business income insurance in place to protect your business against covered direct physical losses. You can read more about business income here.
When creating a business continuity plan, one should identify all potential risks that your business may face. From there, determine how those risks will affect operations from both a short-term and long-term perspective, then list out the appropriate safeguards to mitigate risks accordingly. Be sure to periodically review the process to make sure that it is accurate and up to date.
If you need help getting started, be sure to log onto Resource One and search “business continuity.” You will find that we have business continuity plan creation toolkits available as well as business recovery checklists available at no cost to you!
If you are unfamiliar of what Resource One is, be sure to read about it here. This is a FREE service offered by The Uhl Agency that includes additional services and products to help you protect assets and minimize losses.
As a business owner, it is important not to rely on insurance alone, as it may not cover all of the costs and losses you may potentially encounter. By implementing a business continuity plan, you will be sure to set your business up for success and will be fully prepared for any situation that may arise.
As always, if you have any questions, please reach out to The Uhl Agency at (937) 434-9090.