Business Insurance Disaster Recovery

Small business insurance coverage is an obvious first step in protecting the overall financial health of your organization against the whims of the larger economy and chance. But to make informed decisions about your insurance needs, you first need to identify the primary threats your company faces with a solid disaster recovery plan. The last thing you want to think about as a business owner is the fact that a disaster could negatively affect your business at any given moment. Whether it be a flood, a fire, a natural disaster or a deliberate attack, the question to ask yourself is, “How quickly can my business get back on its feet after such an event?” If you have to pause before answering, some basic disaster recovery planning is necessary to protect your business investment and give your company a better chance at disaster recovery. Business insurance is about planning for a variety of disasters to determine what procedures and practices are required in preparation for an emergency event. This ranges from a loss of data or crashed computer system to larger issues like natural disasters.Do you want to learn more? Visit hightowerrisk.com.

  • Stay Aware – Stay on top of the types of emergencies that your company might confront. Expect the unexpected.
  • Plan for Emergencies – This might be as small as a stolen laptop or as large as a hurricane. Know how your business functions and flows, keep track of all your suppliers and vendors, establish a contact list and coordinate (and involve) all areas of your company in planning.
  • Stay or Go? – You need both an evacuation plan and a plan for staying in place during a threatening event.
  • With Smoke Comes Fire – Since fire is the most common business-related disaster, prepare by making sure you are doing everything you can to prevent fire from occurring in the first place.
  • Include Your Whole Team –Involve employees from all levels in planning. Set up phone call trees, run drills and share printed and electronic details about your company’s disaster plan and procedures.
  • Prepare a Crisis Plan for Before, During AND After an Event – Everyone should have a copy of your plan and know how to implement it. Employees also need to know how to communicate and what steps to take before, during and after a disaster, regardless of its magnitude. Depending on your company’s size and means, preparing for potential threats or business interruptions does not have to be as involved as creating a complete business continuity plan, but the more you can organize now the better your business will perform. A disaster recovery plan should be in place long before any event, not during (or after) the crisis itself.