Businesses across the country face catastrophies every year. Most businesses do not prepare for the worst because the worst is “not going to happen to them.” Well, sorry to say, but The U.S Department of Labor issued statements regarding the survival rate of businesses after catastrophies- and it was NOT PRETTY. 40 percent of businesses never open again after a catastrophie and after two years of trying to recover, another 25 percent shut down.
SO WHAT DO YOU DO?!?
Relax- everything will be okay. That’s what we are here for.
An insurance risk advisor can help you and your business be proactive with a BCP.
A Business Continuity Plan: a system of prevention and recovery to deal with potential threats to a company.
So…. Do you have one? If you do not, you have a survival rate of less than 10%.
Us insurance guys are numbers people, and we don’t like those numbers so lets go over how to make a BCP.
Step 1: Identify Threats
Take your administrative team and find the possible catastrophies that could put your business in the gutter. Make sure to consider things like loss of multiple key employees and cyber attacks.
Step 2: Identify Key Business Factors
Remeber the threats thing? Okay- now think about what makes your business roll. Is it a management system? Is it an employee? Is it two employees? What systems do I need functioning at full capcity FIRST, in order to get the business spinning its wheels again.
Step 3: Develop A Quick Clientele Outreach System
Clients come first. An unresponsive company is the worst kind. Plan out a system to reach your clients quickly to let them know your timeline of restoration.
All-in-all, if you fail to plan- you plan to fail. This guide is just a tiny outline of how Insurance Agents can help you save your company and let you focus on what matters most.
If you want to learn more about business risk management or just liked this blog- subscribe to our weekly business newsletter here.
If you would like to contact one of our service representatives, call us at: 508-420-9011. Or visit our website and talk with us there!