How well are you and your business prepared for disaster? It’s an important question, considering that over half of all businesses fail after a major disruption. From a one-person business to a company that employs hundreds of people, few think a major disaster can happen to them. So they don’t take precious time out of their schedule to do some planning.
Yet disasters, from fire to floods to cyber attacks and sustained power outages, are more common than you may think. And research shows that if a business can’t resume operations within 10 days after disaster hits, it probably won’t survive. The good news? A small amount of planning now can help make all the difference in how you and your business weathers an unanticipated disaster.
Here are some important ways to soften the impact of a temporary business interruption:
- Review your workplace procedures. Meet with your employees to discuss how a potential shutdown could affect your business. Create a plan to get back operating as soon as possible. During a disaster, you may be unable to work in your office or facility. Do you have a plan in place for alternative work space? Could some of your employees work from home? Many businesses have failed after a major disaster because they are without office, industrial or warehouse space. Review your cloud-based storage capacity. That could prove critical in an emergency situation.
- Create a disaster management team. Before a crisis hits, identify those individuals most capable of carrying on essential operations during a shutdown. Assign areas of responsibility, such as meeting payroll.
- Create a comprehensive plan. A handy toolkit to help you plan for a business interruption is available from the Insurance Institute for Business and Home Safety. Additional resources can be found here.
If disaster does hit, we’re here to help. Suncoast Claims advocates for you with the insurance company and helps you recover a proper settlement from your carrier. Through adjusting claims, estimating losses, and preparing expert reports, our professional services have helped hundreds of commercial property owners over the past decade.