It’s safe to say that 2020 has been the year of business interruptions. Companies far and wide have dealt with lockdown closures, a reduction in staff, a loss of profits, and a pandemic that took the world by storm. With that in mind, now is the time to ensure your business can continue to handle whatever life throws your way. Take a look at these tips on how to minimize business interruptions.
Undertake a thorough risk assessment
Create a list of all the potential threats to your business, considering both environmental risks and human risks. Additionally, consider which risks are preventable and which are not. Once you have identified the top risks, you can begin to understand the hazard itself, the assets at risk, and the ultimate impact.
Calculate costs of interruptions
Analyze how each risk would financially impact your business. Consider lost sales or income, increased expenses, regulatory fines, and the shortage of supplies. Once you have figures to work with, you have a better understanding of how well you need to protect your business.
Develop a disaster recovery plan
This is an emergency protocol that is activated when disaster strikes. No matter how unlikely it seems, you need to be prepared ahead of time, with all members of staff aware of what to do and how to protect data.
Secure business interruption insurance
If the unexpected happens, you may need to shut down your business temporarily, deal with the loss of revenue, and handle repairs. Business interruption insurance can help cover these associated expenses, giving your company an essential lifeline while you get back on its feet again.
These are just some of the ways you can work to minimize business interruptions within your business. When looking to protect your company, be sure to talk to our team at Abbate Insurance about how insurance policies can help during this time.